Sales revenue
20% decrease on prior year
A 28% decline in year-on-year production in the UK and lower global commodity prices in 2009 resulted in sales revenue for the Rest of the world falling £43 million.
Directors' Report: Business review
Operations review: Rest of the world
Tullow’s assets in Europe, South Asia and South America collectively provide good cash flow and important growth opportunities. Extensive seismic programmes in French Guiana and Guyana and new exploration drilling in Pakistan are providing strong building blocks towards achieving this growth.
2009 Highlights
Average working interest production
Major partners introduced in French Guiana
New exploration drilling commences in Kohat block
Chasing the successful Jubilee play in South America
Key producing assets
| Country | Producing field (Tullow %) |
2009 Working interest production (boepd) |
|---|---|---|
|
||
| Europe | ||
| UK | CMS Area fields (9.5% – 100%) | 9,350 |
| Thames Area fields (50% – 100%) | 5,100 | |
| South Asia | ||
| Bangladesh | Bangora-Lalmai (30%) | 5,050 |
| Pakistan | Chachar 1 (75%) | 190 |
| Sara/Suri 2 (38.18%) | 110 | |
Glossary
- boepd
- Barrels of oil equivalent per day
- CMS
- Caister Murdoch System
- EHS
- Environment, Health and Safety
- mmscfd
- Million standard cubic feet per day
- sq km
- square kilometres
Capital investment
38% decrease on prior year
The Group’s capital has been focused on high-impact drilling activities in Africa and as a result the Rest of the world spend has decreased.
The Group's Rest of the world assets form an important part of Tullow’s business. Gas production in the UK and South Asia generate strong revenues and combine low risk exploration prospects and development opportunities in Europe with high-impact potential in South America and South Asia.