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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
-
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Unaudited information
Remuneration Committee
"A review of senior executive remuneration is under way and in line with good practice, proposed changes will be discussed with major shareholders."
Clare Spottiswoode, Chairman
The Committee met four times during the year. The attendance of members at Committee meetings held in 2010 was as follows:
| Committee members and meetings attended: | |
|---|---|
| * Appointed 25 August 2010 | |
| Clare Spottiswoode (Chairman) | 4 |
| Tutu Agyare* | 1 |
| David Bamford (Chairman elect) | 4 |
| Ann Grant | 2 |
| Steven McTiernan | 4 |
| David Williams | 3 |
Main responsibilities
- Determining and agreeing with the Board the remuneration policy for the Chief Executive Officer, Chairman, Executive Directors and senior executives;
- Approving the design of, and determining targets for, an annual performance-related pay scheme for the Executive Directors and senior executives;
- Reviewing the design of share incentive plans for approval by the Board and shareholders and determining the annual award policy to Executive Directors and senior executives under existing plans;
- Within the terms of the agreed policy, determining the remainder of the remuneration packages (principally comprising salary and pension) for each Executive Director and senior executive; and
- Reviewing and noting the remuneration trends across the Group.
Committee’s advisers
The Committee invites individuals to attend meetings to provide advice so as to ensure that the Committee’s decisions are informed and take account of pay and conditions in the Group as a whole. These individuals include the Chief HR Officer. No Director takes part in any decision directly affecting his own remuneration. The Company Chairman, Pat Plunkett, also absents himself during discussion relating to his own fees. During the year under review, the Committee sought independent advice from Hewitt New Bridge Street (‘HNBS’), a trading name of Aon Corporation, in relation to executive remuneration and technical advice in connection with the operation of the Company’s share incentive arrangements. During this period, Aon Corporation provided certain insurance broking services to the Company, which the Committee did not believe prejudiced HNBS’s position as its independent advisers. Going forward, the Committee has appointed Kepler Associates to provide independent advice in relation to executive remuneration. HNBS will continue to provide technical advice in connection with the operation of the Company’s share incentive arrangements. Kepler Associates does not provide any other services to the Company. The Committee also consults with the Company’s major investors and investor representative groups as appropriate.
