Executive Summary
Tullow Oil plc (LON:TLW) is a FTSE 100 oil and gas explorer. It is one of the largest independent players, with 86 licences in 22 countries. Established by Aidan Heavey in 1985 and listed on the LSE since 1987, Tullow is headquartered in London and employs over 540 people world-wide. It has operations across Europe, Africa, South Asia and South America. [1] Tullow aims to have a versatile / balanced set of assets, with a mixture of production assets in eight countries alongside two major multi-well development projects in Ghana (Jubillee) and Uganda (Lake Albert).
Company History
Founded in Ireland in 1985, the Group's origins are in Africa (Senegal, 198&). Tullow Oil shares were listed on the LSE in 1989. Tullow became active in South Asia in 1990, in the UK gas market in 2001 and through the Hardman acquisition acquired its first assets in South America.
Current Events
- In 2007, Tullow experienced material exploration success with the discovery of a world class oil field offshore Ghana, the Jubilee field, and further enhanced its understanding of the potentially billion barrel Lake Albert Rift Basin.
- In early 2009, Tullow significantly enhanced the Group’s financial flexibility with a successful £402m equity placing and US$2 billion debt financing.
Business Model
Tullow's key objective is to maintain consistent growth over the long-term and, as a consequence, is diverse by design. The business is balanced between oil and gas production in four distinct core areas, and across 86 E&P licences over 30 producing fields in 22 countries and operates in four core areas - Europe, Africa, South Asia and South America.. The exploration programme balances relatively low-risk opportunities with high impact frontier projects in developing regions.
Portfolio
- Africa: In 2008, Africa represented 62% of Group working interest production, 90% of reserves and resources and 69% of revenue. Tullow is highly focused on Africa and is a dominant player in the region. It has operations in Angola (Exploration - "E"), Cameroon (E), Congo - Brazzaville (Development & Production - "D&P"), Congo DRC (E), Côte d’Ivoire (EDP), Equatorial Guinea (DP), Gabon (EDP), Ghana (ED), Liberia (E), Madagascar (E) Mauritania (EDP), Namibia (D), Senegal (E), Tanzania (E), Uganda (ED). [2]
- Europe: Tullow’s European production comes from its gas assets in the UK Southern North Sea. Exploration licences in Portugal and the Netherlands provide longer-term growth opportunities.
- South Asia: The Group…
