2011 was a very good year for Tullow.
The Group delivered record results and industry-leading exploration success.
I take over as Chairman at a very exciting time for Tullow. 2011 has been a good year for the Group.
0.38
In 2011, Tullow achieved the best safety performance in its history.
26%
371 new people joined Tullow in 2011, 36% of whom joined our African operations.
In October 2011, over 150 delegates attended the first Ghana-Ireland Trade and Investment Forum in Dublin.
At Board level, we seek to provide strong leadership, to set the tone for the organisation.
In accordance with the UK Corporate Governance Code all the Directors will stand for re-election at the AGM in May 2012.
Our remuneration policy seeks to align the interests of their shareholders and Executive Directors.
$689million
2010: $90
670
%
$1.8billion
2010: 0.8 billion
132
%
Download the full 2011 Annual Reports and Accounts PDF or select elements from within the report and generate a bespoke zip file. Excel files are also available.
Barrel
Billion cubic feet
Barrels of oil equivalent
Barrels of oil equivalent per day
Barrels of oil per day
Caister Murdoch System
A group development of five satellite fields linked to CMS
Corporate Responsibility
Civil Society Organisation
China National Offshore Oil Corporation
Development Leadership Team
Delegation of Authority
Democratic Republic of Congo
Deferred Share Bonus Plan
Exploration Area
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
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
Million barrels of oil
Million barrels of oil equivalent
Million standard cubic feet per day
Memorandum of Understanding
Mark To Market
Non-Governmental Organisation
Operational Readiness and Assurance
pence
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
Square kilometres
Socially Responsible Investment
UK Generally Accepted Accounting Principles
Value Added Tax
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TO BE THE LEADING GLOBAL INDEPENDENT EXPLORATION AND PRODUCTION COMPANY
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