Notes for this page
Billion cubic feet
Barrels of oil equivalent
Barrels of oil equivalent per day
Barrels of oil per day
Caister Murdoch System
- CMS III
A group development of five satellite fields linked to CMS
Civil Society Organisation
China National Offshore Oil Corporation
Development Leadership Team
Delegation of Authority
Democratic Republic of Congo
Deferred Share Bonus Plan
Exploration and evaluation
Exploration and Appraisal
Exploration and Production
Earnings Before Interest, Tax, Depreciation and Amortisation
Environment, Health and Safety
Environmental Management System
Energy Resource Consultants
Executive Share Option Scheme
Front End Engineering and Design
Floating Production Storage and Offloading vessel
Financial Reporting Council
Financial Reporting Standard
Full Tensor Gravity Gradiometry
- FTSE 100
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
Fair Value Through Profit or Loss
Global Exploration Leadership Team
Ghana National Petroleum Corporation
Government of Uganda
Company and its subsidiary undertakings
International Accounting Standard
International Accounting Standards Board
International Financial Reporting Interpretations Committee
International Financial Reporting Standards
Information Management System
International Organization for Standardization
London Interbank Offered Rate
Lost Time Incident
LTI Frequency Rate measured in LTIs per million hours worked
Million barrels of oil
Million barrels of oil equivalent
Million standard cubic feet per day
Memorandum of Understanding
Mark To Market
Operational Readiness and Assurance
Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
Production and Development
Pay As You Earn
Petroleum Revenue Tax
Production Sharing Contract
Performance Share Plan
Supplementary Corporation Tax
Share Incentive Plan
Senior Management Committee
Sale and Purchase Agreement
- sq km
Socially Responsible Investment
- UK GAAP
UK Generally Accepted Accounting Principles
Value Added Tax
You do not have any pages or notes saved.
You can create your own list of important report pages and accompanying notes here. You can then print your selected pages and notes, download them as a PDF, or email a list of the pages you've saved.
To save a page, click the "Add+" button at the top of any report page.
To add a note to a page, click on the 'Notes' tab and fill out the form. If you want to add another note to the page, simply add it to the same form.
Your list of saved pages and notes will appear in this window.
Pioneering and entrepreneurial
"Our ambition continues to grow and this drives Tullow's exploration team to keep 'moving the needle' in delivering shareholder value."
Angus McCoss, Exploration Director
Tullow's exploration strategy is founded on basic principles and is focused on finding high-value oil in material commercial quantities
Building scale, not complexity
We focus on the areas and geologies we know best. Our portfolio of regionally related basins, gives us a broad foundation for risk-mitigated growth with lots of follow-up potential.
We aim to discover and delineate material commercial volumes of high-value oil in our focus areas and within our core geological plays. We focus on rift basins, stratigraphic traps and salt basins. These are straightforward plays, proven by our industry to be prolific in hydrocarbons.
Our pioneering approach to exploration comes from the team's collective geological capabilities and technical excellence that is recognised in the industry.
Our exploration focus is clear. We aim to grow in Africa, expand and replicate our successes in South America, build on our North Atlantic position and mature our Asian acreage.
Continue to grow in Africa
West Africa continues to be a highly successful exploration area for us. We have had excellent results to the west of Jubilee at Tweneboa and Enyenra and have extended the Jubilee play further westwards with encouraging results in the Liberian Basin at Venus and more recently in the Mercury-1 well in Sierra Leone. These results underpin the extent and strategic global importance of this exploration breakthrough.
The successful Cormoran-1 well in northern offshore Mauritania gives us growing confidence about the continuation of the Jubilee play further along the 3,000 km long West African Mauri-Tano Trend. The Mauri-Tano Trend extends from Mauritania, southwards through Senegal, Sierra Leone, Liberia, and Côte d'Ivoire to the Tano basin offshore Ghana. It is currently the most material and prospective trend in our African exploration portfolio. The high-impact Cobalt prospect will be drilled by the high-risk wildcat Montserrado-1 well in Liberia later in 2011.
The East African Rifts are also very important for Tullow. They include the prolific Lake Albert Rift Basin in Uganda and extend across a series of rift basins through Western Kenya into Southern Ethiopia.
The Lake Albert Rift Basin has yielded 1 billion barrels of discovered oil (P50) and could potentially yield a further 1.5 billion barrels (P50) to 2.5 billion barrels (P10) through further exploration and appraisal programmes.
We are finding and sampling oil seeping from the Kenya-Ethiopia Rift Basin prospects and this makes it clear that this is a working petroleum system. In 1992 oil was discovered in the acreage. Our challenge, however, is to turn these geological clues into worthy prospects for drilling.
Further to the east, we have a position on the East Africa Transform Margin comprising onshore acreage in the Rovuma Basin in Tanzania. Our exploration strategy here focuses on finding oil in what is considered to be a gas-prone province.
Geological field work in 2010 in the Morondava Basin in south western Madagascar has been rewarding and the sampling of oil has helped us to refine which plays we should target.
We are also pursuing established oil plays in Gabon, extending the economic utilisation of infrastructure, albeit with smaller prospects and volumes of oil.
Expand and replicate success in South America
We are leading the pursuit of the Jubilee play across the Equatorial Atlantic region off the coast of South America. We are focused on Upper Cretaceous deep-water turbidite fans that appear to be remarkably similar to those on the African side of Equatorial Atlantic Region.
We are drilling a strategic deepwater basin-testing well on the Zaedyus prospect in French Guiana. We are targeting the similar, but deeper, Jaguar prospect in shallower water, offshore Guyana.
Build on our North Atlantic position
Our geological knowledge and experience reveals clear opportunities in the North Atlantic. There are near-field opportunities in satellite prospects which extend the life of existing infrastructure and there are breakthrough plays in relatively under-explored areas, including the North Sea.
Mature opportunities in Asia
In Asia, our high-potential exploration acreage sits in Pakistan, in the eastern part of the prolific Tethys Trend, which extends to Kurdistan in the west. This is a low-cost, high-impact part of our exploration portfolio which is being gradually matured as security improves.
Moving the needle
Tullow's exploration strategy is founded on basic principles and is focused on finding high-value oil in material commercial quantities. Over the years our strategy has evolved through building scale, not by adding complexity. We have pushed Tullow's exploration efforts gradually from simple prospects, through plays and basins, to our current 'needle moving' inventory of highly prospective trends of basins that have regional scale.
Building scale by simply pursuing our successful oil plays in related basins.
We aim to grow in Africa, replicate our Equatorial Atlantic success in South America and build on our North Atlantic position.
The performance of our global assets was very strong in 2010.
Production and Development
Our first ever deepwater project set a new industry benchmark for development.
What we do
We create value in two ways. Through successful exploration and strategic acquisitions we grow our resource base.