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Notes for this page
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Glossary
A
B
- bll
-
Barrel
- bcf
-
Billion cubic feet
- boe
-
Barrels of oil equivalent
- boepd
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Barrels of oil equivalent per day
- bopd
-
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
-
Deferred Share Bonus Plan
E
- EA
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Exploration Area
- E&E
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Exploration and evaluation
- E&A
-
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
-
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
-
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
-
LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
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Million barrels
- mmbo
-
Million barrels of oil
- mmboe
-
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
-
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
-
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
-
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Corporate governance
The Board is committed to ensuring that high levels of corporate governance are achieved.
This is integral to the Board’s overall aim to create a culture which places strong emphasis upon high standards of business conduct, ethics and integrity amongst the Company’s employees, suppliers, contractors and other industry partners. This is embraced in Tullow’s Code of Business Conduct. This Code is being updated to provide further guidance on a range of topics and to ensure compliance with the new UK Bribery Act. The Code will be issued after the UK Government has issued the Bribery Act ‘Adequate Procedures’ guidance which is required prior to the Act becoming law. The Company also believes in and promotes a policy of transparency in all its dealings to ensure that shareholders and other stakeholders are treated fairly.
The Combined Code
For the year under review, as a UK company with a premium listing on the London Stock Exchange, Tullow Oil plc is required to make certain statements relating to the way it is governed, covering issues laid down in the Combined Code on Corporate Governance published in June 2008. The Combined Code is publicly available on the Financial Reporting Council’s website at: www.frc.org.uk. In compliance with these requirements, this report describes the manner in which the Company has applied the main principles of governance set out in Section 1 of the Combined Code and complied with the detailed Code provisions. It is the Board’s view that the Company has fully complied with the Combined Code throughout 2010.
The UK Corporate Governance Code
In June 2010, the FRC published the UK Corporate Governance Code. This new Code replaces the Combined Code and applies to accounting periods beginning on or after 29 June 2010. The Board has considered the terms of the new Code and its potential impact on the Company’s corporate governance procedures and will report on this next year.
