Tullow Oil plc Annual Report 2011 - The Group

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Production operators in the central control room of theFPSO Kwame Nkrumah on the Jubilee field, offshore Ghana.
42011 highlights2011 was a very good year for Tullow. The Groupdelivered record results and industry-leadingexploration success.6Where we operateTullow has a world-class portfolio of exploration,development and production assets coveringover 100 licences in 22 countries.8Chairman’s statementTullow has consistently demonstrated the abilityto create new opportunities for growth, developmajor projects effectively and generateexceptional shareholder returns.10Chief Executive’s reviewBy investing in a great team of people andlooking towards a long-term horizon, we havebeen able to seek out success in frontier areasand deliver consistent multi-basin explorationsuccess, which is now being leveraged throughmulti-basin developments.13Special feature: Clear visionWe are establishing an unrivalled competitiveposition, which differentiates us from our peers.31Key Performance IndicatorsWe focus on the safety and engagement ofour employees as well as a range of financialmeasures to manage our performance andfulfil our business plans.34Financial reviewTullow now has a very strong balance sheet,which gives us the financial flexibility to pursueour exploration-led growth strategy, invest inacquisitions and key development projects, andsupport a progressive dividend policy.40Risk managementThe oil and gas industry is inherently high riskand as a consequence the management andmitigation of risk is a dynamic and vitalbusiness process.BUSINESS REVIEW43Long-term performance risksWe group our risks into the strategic, financial,operational and external risks, which webelieve could potentially adversely impact ouremployees, operations, performance and assets.LIVING OUR VALUESLiving our values captures andarticulates the four main aspects ofthe way we do business in Tullow, sothat everyone working for Tullow canunderstand and work according toour expectations.1
Page 6: 2011 highlightsRECORD RESULTSIndust
Page 11 and 12: In Ghana, we have experienced techn
Page 13 and 14: More informationPageStrong organisa
Page 15 and 16: CLEARVISIONSPECIAL FEATURETO BE THE
Page 17 and 18: 1Exploration& appraisal7Sharedprosp
Page 19 and 20: EXPLORATION& APPRAISALStrategic pri
Page 21 and 22: DELIVERING MATERIALPRODUCTIONGROWTH
Page 23 and 24: 21www.tullowoil.com
Page 25: RISKMANAGEMENTStrategic priority: E
Page 28 and 29: MAINTAINING OURENTREPRENEURIALCHARA
Page 30 and 31: SHAREDPROSPERITYStrategic priority:
Page 32 and 33: DELIVERINGSUBSTANTIAL RETURNSOur st
Page 34 and 35: Key Performance Indicators continue
Page 36 and 37: Financial reviewFUNDING FUTURE GROW
Page 38 and 39: Financial review continued2011 Grou
Page 40 and 41: Financial review continuedDividendT
Page 43 and 44: Regional business management unitsI
Page 45 and 46: LONG-TERMPERFORMANCE RISKSWe group
Page 47 and 48: 1Operational risk continuedKey deve
Page 49 and 50: 482011 operations overviewOverall,
Page 51 and 52: 2OPERATIONS REVIEWEurope,South Amer
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DEVELOPMENT & OPERATIONSA new scale
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Senior DrillingSupervisor withtrain
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Mauritania & SenegalProduction from
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periods for Kasamene, Wahrindi, Kig
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2West African and South American ex
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62Creating shared prosperityCreatin
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More informationPageSpecial feature
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Social performance standardsWe are
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3The effect of Uncontrolled Release
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3Future talent poolIn October 2011,
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3LOCAL CONTENTCreating real opportu
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3Key corporate responsibility polic
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76Chairman’s introductionAt Board
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4In order to provide the human and
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I am delighted to have taken on the
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Board of DirectorsEXPERIENCED LEADE
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4CORPORATE GOVERNANCEAnn GrantNon-e
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Audit planning and update on releva
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Directors in their place. On 12 May
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CONTENTS89 Introduction89 Remunerat
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Directors’ remuneration report co
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Corporate governanceThe UK Corporat
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Corporate governance continuedThe f
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Corporate governance continuedAccou
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Other statutory informationResults
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All employees are helped and encour
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As part of our Code of Business Con
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Independent Auditor’s Reportto th
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Group balance sheetAs at 31 Decembe
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Group cash flow statementYear ended
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The principal accounting policies a
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5Finance costs of debt are allocate
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5Commercial reserves estimates (not
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5Note 2. Business combinationsOn 24
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5Europe,South Americaand Asia$mWest
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5Non-current assets by originGhana
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5Note 6. Staff costsThe average mon
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5The Group’s profit before taxati
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5Note 12. Property, plant and equip
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5Note 13. Investments2011$m2010$m20
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5Note 18. Trade and other payablesC
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5The $3.5 billion Reserves Based Le
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5Note 20. Financial instrumentsFina
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5Oil and gas pricesThe Group uses a
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5Financial derivativesThe Group int
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5Deferred tax assets are recognised
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5Note 27. Share-based payments2005
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5UK & Irish Share Incentive Plans (
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Independent Auditor’s Reportto th
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Company balance sheetAs at 31 Decem
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Notes to the Company financial stat
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5Note 6. Bank loansCurrentShort-ter
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5Note 9. Shareholders’ fundsShare
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2010 Share Option Plan (2010 SOP) a
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5Note 13. Subsequent eventsSince th
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Commercial reserves and contingent
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Area TullowLicenceFieldssq km inter
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Licence / BlocksFieldsAreasq kmTull
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ContactsSecretary & registered offi
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KKenya 6, 7, 57Key financial metric
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MmmbblmmboemmscfdMoUMTMMillion barr
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This report is printed on Heaven 42
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