With an established foothold in our host nations, we monetise oil and gas from our portfolio of assets to deliver economic and social benefits for all stakeholders and contribute to prosperity in our host nations.
Our keen focus on maximising the performance of our assets through efficiencies and strict cost management, alongside our commitment to building positive relationships and partnerships across our value chain, has enabled Tullow to mature into a trusted operator and champion of sustainable development.
Stakeholders
Our investors
Our host nations
Our people
Inputs
- Financial resources based on material free cash flow generated through our production that fund business continuity and growth
- Material reserves and resources in West Africa and significant resources in Kenya
- Positive relationships with host nation governments and regulatory bodies
- Strong reputation as an ethical and responsible oil and gas operator
- Skilled team including local teams in Africa with engineering and subsurface technical expertise
- Strong relationships with local communities supported by continuous engagement
- Network of dependable suppliers, including local suppliers in Africa, supporting business continuity and growth
Commitments
- Responsible, safe and reliable operations
- Cost focus and capital discipline to ensure financial resilience with a target to reach gearing of less than 1.0 times net debt to EBITDAX on a sustainable basis
- Conservative financial strategy supported by hedging to protect revenues
- Shared Prosperity with our host nations and their populations and local content investment
- Environmental stewardship throughout our value chain
- Carbon reduction and a target to reach Net Zero by 2030 (Scope 1 and 2 net equity emissions)
- Ethical conduct in line with our Code of Conduct at all times
- Maintaining a positive workplace and upholding human rights through our value chain
- Tax responsibility and transparency
Inputs
- Reliable, low-cost, high-margin production
- Group 2022 reserves replacement ratio of c.90%
- High IRRs
- Identified potential for 120kbopd plateau production rate in Kenya
- Strategic positions in emerging basins
- Shared Prosperity in education, local content and enterprise development in our host nations, reaching thousands of suppliers and entrepreneurs
- Attractive workplace nurturing a skilled workforce with leadingedge knowledge in the oil and gas sector
- Mitigation of our climate change impacts
Value created
- Strong cash flow generation and further investment in responsible oil and gas development and production
- Deleveraging whilst maintaining asset value of the Company, accreting value to our shareholders
- Contribution to economic growth and sustainable development in our host nations through thriving and responsible oil and gas development and production
- Tangible social benefits in our host nations through infrastructure developments, STEM education, high-skill job opportunities and supplier engagement and development
- Improved resilience and social cohesion in local communities, especially fishing communities in areas of our assets
- Job stability, professional growth and career development for hundreds of Tullow employees with a focus on localisation of our African workforce, reducing social inequalities
- Contribution to global efforts to mitigate climate change and reduce global climate risks
SDG contribution
