Tullow Oil plc Annual Report 2011 - The Group

482011 operations overviewOverall, the Group continues to deliver a strongoperational performance. Material productiongrowth was achieved in 2011 and excellent E&Aresults were also delivered. Two acquisitions werecompleted during the year and since year-end thefarm-down in Uganda has concluded.50Exploration & Appraisal andDevelopment & Operations overviewOur bold exploration strategy differentiatesTullow within the industry and Tullow’sexceptional exploration success hasprovided an exciting and growing portfolioof development and production assets inboth Africa and South America.52West & North AfricaTullow’s African production comes from Ghana,Equatorial Guinea, Gabon, Côte d’Ivoire, Congo(Brazzaville) and Mauritania. Whilst the maindevelopment and operating focus is on theJubilee and TEN projects, offshore Ghana,Tullow has significant ongoing developmentactivities and high-impact explorationacreage across this region.55South & East AfricaFollowing success in Uganda, Tullow recentlyembarked upon the next stage of its explorationstrategy in the region by securing significantacreage in Kenya and Ethiopia in 2011, withdrilling, having commenced in Kenya inJanuary 2012.57Europe, South America & AsiaTullow has gas production assets, ongoingdevelopments and exploration acreage in the UKand the Netherlands which provide valuable cashflow to the Group. In South America, Tullow hassignificant exploration acreage in French Guiana,Guyana and Suriname. The Group also producesfrom the Bangora field in Bangladesh and has anexploration portfolio in Pakistan. In March 2012Tullow commenced the process of divesting itsAsian assets.OPERATIONS REVIEWWORKING WITHINTEGRITY & RESPECTWork with integrity and with respect forpeople, and for the environments in whichwe operate. Tullow takes a long-term viewin conducting its business, which ensureswe put fostering relationships andprotecting the environment aheadof short-term gains.2