Report tools
-
Print
-
-
Notes for this page
-
Download
-
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
-
My Report
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.
Sustainable supply chain and local content
The shift in Tullow’s size and scale and the profile of our assets means we have a continuous demand for services. This is enabling us to forge stronger relationships and offer longer-term commitments to our suppliers. Apart from the opportunity to maximise Tullow’s expenditure to create business benefits, it also enables us to influence our suppliers’ behaviour in critical areas such as safety, local content and the environment through leveraging our contract performance management processes. At the heart of building a sustainable supply chain is localising supply by fabricating, manufacturing and sourcing as much as possible as close to the point of use. This means that those supplies are provided to us by indigenous companies. By sourcing close to the point of use we greatly reduce the distance over which our supply chain is spread and this in turn greatly reduces the impact on the environment, project cost and time. In terms of the environment we can also improve our supply operations, particularly the use of green technology for managing and developing logistics handling, particularly in new projects such as Uganda.
Local content
Consolidated Shipping Agency Limited (Conship) is a leading Ghanaian logistics company with offices in Tema, Accra and Takoradi. The company started working with Tullow in February 2010, supporting Tullow’s imports and exports for the Jubilee project.
“Since working with Tullow we have refined and improved our reporting, accounting, EHS standards and complied with the Foreign Corrupt Practices Act. I think our company now meets the standards expected internationally. We have also just
been awarded the Gold Star Award for World Quality Commitment 2010 and this has only been possible because of our association with Tullow. We really are very grateful for this opportunity.”
Read the full interview with MacDonald Vasnani, CEO of Conship about his company and their work with Tullow.
National/local content
National/local content means sourcing goods and services from local companies who employ local people. This brings benefits to countries through:
- Local business development (goods and services);
- Employment opportunities (skills training and career development); and
- Sustainable local economic development.
In January 2011, our first logistics supplier open day was held in Kampala, Uganda. The event was organised by Tullow to discuss the opportunities available to logistics companies to support the development of the Lake Albert Rift Basin. Over 320 people attended, 180 from Uganda and a further 80 people from East Africa. 135 organisations participated, including 90 logistics companies. The event provided the opportunity to bring together local and international logistics companies; enable suppliers to learn more about working with Tullow; identify the challenges and opportunities in the logistics sectors; and understand the development needs to build sustainable logistics management in-country.
Corporate governance
A good governance structure must be underpinned by a strong organisational culture that values ethics and integrity and the highest standards of corporate behaviour.
Compliance
The newly appointed Group Compliance Manager has responsibility for Tullow's anti-bribery and corruption and regulatory compliance programmes worldwide.
