Tullow’s business model is to find and monetise oil from our portfolio of assets across Africa and South America.

Our activities are focused on generating cash flow from production, selectively developing discoveries and investing in exploration to find new oil for future growth or early monetisation. We have a prudent financial strategy with diverse sources of funding. We are focused on debt reduction and right sizing our asset base through portfolio management.

Our value life cycle

Our work across the life cycle delivers long term sustainable growth.


Through targeted exploration in Africa and South America we find oil to build reserves and resources, to sell in the ground, or to develop for future production. We aim to build the best inventory of prospects for drilling, managing risk exposure and readiness to take advantage of exploration opportunities.



We are focused on appraisal and development with clear plans for monetisation. We invest in high-return, near-field wells, drilled adjacent to our producing assets.



We have focused production plans with clear routes to revenue-generating objectives and are investing in in-field drilling programmes to increase and extend production plateau across our producing assets in West Africa.


Creating sustainable benefits

Exploration and appraisal Development Production Decommissioning
2-10 yrs 3-10 yrs 20-50 yrs 3-10 yrs
Value creation      

Seismic survey
First exploration well
Exploration success
Appraisal proves commerciality  of field

First oil Government take
Oil company take
Government net cash flow
Oil company cost
Oil company apex
Government investment
Legacy of skills built up through involvement in the oil and gas industry
Local employment for demolition, waste management and fabrication
Seismic activity, drilling of exploration & appraisal wells Capital intensive period for IOC to develop field Investment to maintain maturing production Specialist skills for decommissioning to ensure full restoration of the site

Creating value for stakeholders

Our investors

Free cash flow

Our host countries

Payments to governments

Spend with local suppliers

Our people

Employees awarded shares

Response rate to staff engagement survey