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Notes for this page
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Glossary
A
B
- bll
-
Barrel
- bcf
-
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
-
Financial Reporting Standard
- FTG
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Full Tensor Gravity Gradiometry
- FTSE 100
-
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
-
International Financial Reporting Standards
- IMS
-
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
-
Performance Share Plan
S
- SCT
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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
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Value Added Tax
W
-
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Highlights
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.
Materiality
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.
Social enterprise
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.
National/local content
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.
Environment
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.
People
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.
Nationalisation
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.
