The New Ventures Business Delivery Team is responsible for Tullow’s frontier exploration and appraisal activity across Africa and South America. The team is tasked with managing and replenishing Tullow’s exploration portfolio with high-potential prospects and finding high value oil at low-costs, in areas with commercially attractive licence terms. Tullow continues to actively manage its New Ventures portfolio through both licence acquisitions and farm downs of existing acreage to optimise the allocation of exploration expenditure. Notwithstanding a lower exploration budget, Tullow continues to successfully replenish and high-grade its exploration portfolio, and believes that the portfolio should give the Group significant low-cost opportunities for the future.
Tullow’s currently planned exploration and appraisal programme can be viewed here.