independent oil company
Tullow Oil plc is a global independent oil and gas company with over 90 licences in 25 countries. The Group is headquartered in London and employs nearly 900 people world-wide. Tullow is listed on the London and Irish Stock Exchanges and is a constituent of the FTSE 100 index.
Africa's leading independent oil company
We have a long history in Africa and the continent has been the major focus of our activity and investment in recent years.
As a result we are now within sight of delivering first commercial production from two new oil basins. Combined with a high-impact exploration portfolio across the continent and an approach to corporate responsibility that aims to create shared prosperity, Tullow is establishing itself as Africa’s leading independent oil company.
Creating stakeholder value
We have a responsibility to create value and deliver benefits for all our stakeholders. Value is created by doing what we do to the best of our abilities.
Delivering on all fronts
Tullow achieved an exceptional business and operational performance in 2009, with an unprecedented level and pace of activity throughout the Group. We also delivered well against our Key Performance Indicators (KPIs) and effectively managed our principal risks.
Achieving top quintile growth
Exploration success and consistent delivery in major projects has transformed Tullow into Africa’s leading independent oil company. Big projects bring big responsibilities and we want to fulfil our role in the long-term sustainable development of Africa.
Success and progress in Africa
Our operations in Africa delivered an outstanding performance in 2009. We made major discoveries and de-risked our portfolio with important basin-defining wells and our development projects are on target to deliver the first step in major production growth from the end of 2010.
Developing a significant asset base worldwide
We have important assets in Europe, South Asia and South America which contribute to Group production and cash flow and form part of an exploration portfolio that offers longer-term growth opportunities.
Funding for an exceptional set of opportunities
We aim to develop the Group’s production and cash flow profile to enable us to fund a US$500 million exploration programme per annum so that we can continue to grow and develop Tullow as the leading global independent oil and gas company.
Creating shared prosperity
Our corporate responsibility approach is to work more closely with external stakeholders to ensure that oil and gas resources generate new opportunities for long-term economic development, creating shared prosperity for all.
Maintaining the highest standards of governance
Tullow is committed to all aspects of good corporate and ethical behaviour. Policies and processes are in place to ensure we comply fully with all legislative and regulatory requirements and where those are inadequate or non-existent in areas of operation we apply responsible standards.
The financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole.