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
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External stakeholder engagement
We are taking a more strategic approach to our external stakeholder engagement and the work to define and roll-out this will be completed in the first half of 2011.
Over the last year we have held several external stakeholder events that have provided us with critical input into identifying and prioritising material issues for Tullow and the industry.
In 2010, we invested $2.6 million in 70 projects; over 70% of these were in Africa. We focused mainly on local community health, education, environment and enterprise development.
Ethics & integrity
A new Group Compliance Manager has responsibility for Tullow’s anti-bribery and corruption, and regulatory compliance programmes worldwide. As soon as the UK Bribery Act is finalised we will be introducing a new Code of Business Conduct.
Sustainable supply chain
The shift in Tullow’s size, scale and profile of our assets means we have a continuous demand for services. This will help us influence our suppliers’ behaviour in critical areas such as safety, local content and the environment.
We also have a role to play in developing local or national content by using local contractors and suppliers, hiring local staff, creating opportunities and growing the skills base in the countries where we operate.
In 2010, we had zero high potential environmental incidents which is a strong performance in the context of the high levels of activity across the Group and the transition from development to production in Ghana.
Health & safety
In 2010, there were seven Lost Time Incidents (LTI) in Tullow (2009: five) and 11 High Potential Incidents (HIPOs) (2009: 10). There were seven malaria cases (2009: eight). We did not achieve our stretch target of top quartile industry safety performance.
A continuous challenge for us is to build organisational capacity to meet the needs of our major projects and growth opportunities, while still maintaining our unique culture and ethos.
In Uganda, 84% of our employees are nationals and in Ghana 86% of our employees are nationals. We are investing in training and developing skills so that local people can participate fully in the new oil industry in their country.
Supporting education in Sierra Leone
We believe in making a contribution to the broader development of a country as soon as we have been invited in. Partnering with Playhouse Foundation in Sierra Leone, we’ve provided 500 sets of school furniture to primary schools in Kono District, creating jobs for 18 young local welders and carpenters trained by the St. Joseph’s Vocational Institute in Lunsar.