OUR HISTORY
Since Tullow Oil was founded in 1985, one of the hallmarks of its success has been the Group's entrepreneurial spirit. Tullow has a creative and flexible approach to acquisitions and development, allied to excellent operational and financial performance and strong financial capacity. This positions the Group well to benefit from strategic opportunities that arise from the changing focus of larger companies, the strengths and weaknesses of our peers and the creativity and skills of our employees. We have a balanced portfolio of assets, a quality team and the ambition and opportunity to keep growing. Our most recent history is outlined below and please use the date links in the left hand navigation if you wish to review historical milestones for the Group.
2005 - 2007
2005
Tullow had a strong 2005, delivering record profits, earnings and cash flow in a positive operating environment with buoyant oil and gas prices. The Group's portfolio of assets performed exceptionally well, with new fields added, a major increase in output and good progress in key development projects. Production increased 44% to 58,450 boepd and continues to rise steadily. Current production is 69,000 boepd and is expected to reach 75,000 boepd by year end. Organic reserves replacement was 118% and total reserves increased by 53 mmboe to 358 mmboe. The Group had two UK North Sea gas discoveries, one discovery in Gabon and one in Mauritania.
2006
Tullow had an excellent year in 2006. Record operational and financial results were achieved in a favourable oil and gas pricing environment, and each core area continued to deliver strong performances. This outcome underpinned ongoing reinvestment in exploration and development activities together with a material increase in dividends and helped create the financial platform for the Group's largest acquisition ever. Key elements of news in 2006 include:
- Proving a new and significant hydrocarbon province in Uganda, where Tullow now has 100% operated interest in Block 2 in the Lake Albert Rift Basin;
- Seven discoveries were made during 2006, three of these were in the UK and included the potentially significant K4 discovery in the CMS area;
- Okume, West Espoir and Bangora developments all came on stream successfully during the year;
- Seven new licences were awarded in Africa and six new blocks were awarded in the Thames-Hewett and CMS Areas offshore UK;
2007
2007 was an exceptional year for Tullow. The Group recorded its
largest ever discovery, the Jubilee field offshore Ghana, continued
its successful exploration in Uganda and generated growth in
reserves and resources, record production up 13%, sales revenue up
10% and operating cash flow increased by 6% from 2006.
Some of the key features for Tullow in 2007 were:
- Tullow’s African assets have transformed the Group’s business, driven by exceptional exploration success in Ghana and Uganda and strong production growth, up 21% to 40,300 boepd;
- The UK delivered a strong operational performance, with broadly stable production, two new field developments and a successful gas discovery; and
- South Asia reported a 154% increase in average production from gas field developments in Pakistan and Bangladesh. A high impact exploration campaign in India will commence in Q2 2008.
 |
 |
