Our approach to exploration
Directors' Report: Business review
First oil in Ghana this year will create a new record from discovery to delivery of major deepwater production.
Exploration and Appraisal (E&A) and Production and Development (P&D) are two critical parts of Tullow’s business. In E&A we explore for oil and gas resources using geographical and geophysical expertise and technologies, balancing high-risk exploration drilling with lower-risk appraisal. In P&D we develop and produce these discovered resources, growing our revenue to fund our annual exploration programme.
Tullow’s E&A and P&D teams use a simple formula for maximum performance. The reasons behind their outstanding results are a combination of strong teamwork, the right technology for each job and a genuinely entrepreneurial culture.
We strive to ensure that the E&A and P&D teams are fully and seamlessly embedded into the Group’s overall business development and growth objectives. This is co-ordinated at Group level through the Board and Executive team, who consider the overall capital and resource allocation and adjust the balance between the pace of exploration, appraisal, development and production campaigns with a view to maximising shareholder value.