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Glossary
A
B
- bll
-
Barrel
- bcf
-
Billion cubic feet
- boe
-
Barrels of oil equivalent
- boepd
-
Barrels of oil equivalent per day
- bopd
-
Barrels of oil per day
C
- CMS
-
Caister Murdoch System
- CMS III
-
A group development of five satellite fields linked to CMS
- CR
-
Corporate Responsibility
- CSO
-
Civil Society Organisation
- CNOOC
-
China National Offshore Oil Corporation
D
- DLT
-
Development Leadership Team
- DoA
-
Delegation of Authority
- DRC
-
Democratic Republic of Congo
- DSBP
-
Deferred Share Bonus Plan
E
- EA
-
Exploration Area
- E&E
-
Exploration and evaluation
- E&A
-
Exploration and Appraisal
- E&P
-
Exploration and Production
- EBITDA
-
Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
-
Environment, Health and Safety
- EMS
-
Environmental Management System
- ERC
-
Energy Resource Consultants
- ESOS
-
Executive Share Option Scheme
F
- FEED
-
Front End Engineering and Design
- FPSO
-
Floating Production Storage and Offloading vessel
- FRC
-
Financial Reporting Council
- FRS
-
Financial Reporting Standard
- FTG
-
Full Tensor Gravity Gradiometry
- FTSE 100
-
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
- FVTPL
-
Fair Value Through Profit or Loss
G
- GELT
-
Global Exploration Leadership Team
- GNPC
-
Ghana National Petroleum Corporation
- GoU
-
Government of Uganda
- Group
-
Company and its subsidiary undertakings
H
I
- IAS
-
International Accounting Standard
- IASB
-
International Accounting Standards Board
- IFRIC
-
International Financial Reporting Interpretations Committee
- IFRS
-
International Financial Reporting Standards
- IMS
-
Information Management System
- ISO
-
International Organization for Standardization
K
L
- LIBOR
-
London Interbank Offered Rate
- LTI
-
Lost Time Incident
- LTIFR
-
LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
-
Million barrels
- mmbo
-
Million barrels of oil
- mmboe
-
Million barrels of oil equivalent
- mmscfd
-
Million standard cubic feet per day
- MoU
-
Memorandum of Understanding
- MTM
-
Mark To Market
N
- NGO
-
Non-Governmental Organisation
O
- OR&A
-
Operational Readiness and Assurance
P
- p
-
pence
- P10
-
Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
- P50
-
Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
- P&D
-
Production and Development
- PAYE
-
Pay As You Earn
- PRT
-
Petroleum Revenue Tax
- PSC
-
Production Sharing Contract
- PSP
-
Performance Share Plan
S
- SCT
-
Supplementary Corporation Tax
- SIP
-
Share Incentive Plan
- SMC
-
Senior Management Committee
- SPA
-
Sale and Purchase Agreement
- sq km
-
Square kilometres
- SRI
-
Socially Responsible Investment
T
U
- UK GAAP
-
UK Generally Accepted Accounting Principles
V
- VAT
-
Value Added Tax
W
-
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Our business model
In order to explore we must first be granted a licence by the Government of the countries in which we invest. After extensive analysis, annual exploration campaigns are planned to try to discover oil and gas fields or more strategically open new basins. When we have a significant discovery we drill appraisal wells to determine the size and quality of the discovery.
If appraisal confirms that development of a discovery will be commercially and financially viable, we begin work on a development plan. This maps out how we will get the hydrocarbons into production to generate revenue and cash flow.
We maintain financial flexibility so that we can sustain a $500 to $700 million exploration programme and build up longer-term exploration and portfolio options. Also fundamental is funding the accelerated development of our major projects in Ghana and in Uganda.
While the Board has overall responsibility for the stewardship and governance of Tullow, the focus of legal and governance is to underpin best practice and ensure regulatory compliance and deliver legal support to all commercial aspects of the business.
Exploration and appraisal
Our E&A team has strategic responsibility for deciding what exploration campaigns we will undertake and ensuring that we continually replenish our exploration portfolio. They identify core plays, prioritise prospective exploration options and execute E&A programmes with material follow-on campaigns.
Production and development
Our P&D team has strategic responsibility for delivery of major projects, such as First Oil in Ghana, as well as having a strong focus on the management of production and increasing our reserves and resources, which are critical to revenue and cash flow generation. P&D also has responsibility for ensuring safe people, procedures and operations and minimising environmental impacts.
Finance
Our financial strategy is responsible for funding sustainable long-term growth through an appropriate capital structure that achieves a balance between operational cash flow, portfolio management and the capital requirements of exploration, appraisal and the development of major projects.
Legal and Governance
Our legal and governance team has strategic responsibility for maintaining the highest corporate and ethical standards, and for all governance and legal issues including full regulatory compliance, as well as building a strong global team with excellent legal and commercial skills.
