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Notes for this page
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Glossary
A
B
- bll
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Barrel
- bcf
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Billion cubic feet
- boe
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Barrels of oil equivalent
- boepd
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Barrels of oil equivalent per day
- bopd
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Barrels of oil per day
C
- CMS
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Caister Murdoch System
- CMS III
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A group development of five satellite fields linked to CMS
- CR
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Corporate Responsibility
- CSO
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Civil Society Organisation
- CNOOC
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China National Offshore Oil Corporation
D
- DLT
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Development Leadership Team
- DoA
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Delegation of Authority
- DRC
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Democratic Republic of Congo
- DSBP
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Deferred Share Bonus Plan
E
- EA
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Exploration Area
- E&E
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Exploration and evaluation
- E&A
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Exploration and Appraisal
- E&P
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Exploration and Production
- EBITDA
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Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
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Environment, Health and Safety
- EMS
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Environmental Management System
- ERC
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Energy Resource Consultants
- ESOS
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Executive Share Option Scheme
F
- FEED
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Front End Engineering and Design
- FPSO
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Floating Production Storage and Offloading vessel
- FRC
-
Financial Reporting Council
- FRS
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Financial Reporting Standard
- FTG
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Full Tensor Gravity Gradiometry
- FTSE 100
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Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
- FVTPL
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Fair Value Through Profit or Loss
G
- GELT
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Global Exploration Leadership Team
- GNPC
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Ghana National Petroleum Corporation
- GoU
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Government of Uganda
- Group
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Company and its subsidiary undertakings
H
I
- IAS
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International Accounting Standard
- IASB
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International Accounting Standards Board
- IFRIC
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International Financial Reporting Interpretations Committee
- IFRS
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International Financial Reporting Standards
- IMS
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Information Management System
- ISO
-
International Organization for Standardization
K
L
- LIBOR
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London Interbank Offered Rate
- LTI
-
Lost Time Incident
- LTIFR
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LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
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Million barrels
- mmbo
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Million barrels of oil
- mmboe
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Million barrels of oil equivalent
- mmscfd
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Million standard cubic feet per day
- MoU
-
Memorandum of Understanding
- MTM
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Mark To Market
N
- NGO
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Non-Governmental Organisation
O
- OR&A
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Operational Readiness and Assurance
P
- p
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pence
- P10
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Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
- P50
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Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
- P&D
-
Production and Development
- PAYE
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Pay As You Earn
- PRT
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Petroleum Revenue Tax
- PSC
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Production Sharing Contract
- PSP
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Performance Share Plan
S
- SCT
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Supplementary Corporation Tax
- SIP
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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
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Value Added Tax
W
-
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Creating shared prosperity
We are working to create and share prosperity so that countries where we operate and local communities can participate in the benefits of our success.
The oil and gas industry is long-term by nature, given the capital resources required and the many decades between successfully finding oil or gas and the useful life of a field or basin. Two major projects in two new oil countries in Africa have focused our attention on the need to create and share prosperity as these projects evolve and develop.
We are in the process of more clearly defining how we can contribute to social and economic development, both within and outside our core business activities. Our goal is to engage in wide-ranging and open consultation so that we build meaningful opportunities to contribute that are both relevant to our local stakeholders, and aligned with the growth objectives of our business.
Corporate responsibility and our business
For Tullow, corporate responsibility runs through every aspect of how we run our business, including Governance, our Code of Business Conduct, Human Resources, Environment, Health & Safety, Supply Chain Management, External Affairs, Information Systems Management, Risk and Investor Relations.
Visit the new corporate responsibility section of our website for up-to-date information on the systems, policies and procedures that underpin our approach to corporate responsibility.
Corporate responsibility
We are working to create and share prosperity so that countries and communities where we operate can participate in the benefits of our success.
