REG - Tullow Oil PLC - Annual Report and Accounts and Notice of AGM <Origin Href="QuoteRef">TLW.L</Origin> - Part 2

Tullow OilAnnouncement

17/03/2015 14:41

- Part 2: For the preceding part double click  ID:nRSQ6731Ha 

                                                                                                                                                    
    corporate scorecard,tiedto                                                                                                                                                                                                                                                                                                                                                                                                                                                          -levelcommitmentandActive oversight•  EHS standardssetandmonitored acrosstheGroupthroughBusiness Unitperformancereportingandtarget setting•  ClearEHS                        toenhance non-technicalrisk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
    executive remuneration,                                                                                                                                                                                                                                                                                                                                                                                                                                                             standardsandprocedures supportedby strong leadership accountabilityandcommitment throughouttheorganisation• EHSprofessionalsembeddedinthe businesstosupportdeliveryofsafe    management•  Improvementsmadetobetter reflectnon-technicalrisksinthe corporatescorecard• EHS Standards implemented and conformance assured via independent Group audits•  BoardEHS Committee madeoperational                                                                                                                                                                                                                                                                                                                                                                                                                         
    includingLTIfand Spills/million                                                                                                                                                                                                                                                                                                                                                                                                                                                     andsustainableoperations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
   manhoursquantitative targets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   andqualitativedeliverytargets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
   suchasdeliveryofTransport                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
   Safety PlansineachBU•  EHSKPIsinBusinessUnit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   scorecardsImpactMajor eventfromexploration,developmentorproductionoperations mayimpact staff,contractors, communitiesortheenvironment, leading toincreasedcosts, lossofreputation, revenueand/orshareholdervalue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 Politicalrisk                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 StrategicpriorityNurture long-termrelationshipswithnationaland localgovernmentsand ensurecompliancewithapplicable lawsandregulations.ExecutiveresponsibilityPaulMcDadeChiefOperatingOfficerPerformanceindicator•  Unscheduled non-production                                                                                                                                                                                                                                           ImpactPoliticalfactorscan leadtonecessaryre-negotiationoflicenceandagreement terms,delaysingrantsoflicensees,or approvalofagreements,and/orother stateaction.Policiesand  Mitigationprocess•  Earlyidentificationand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
    time due to work stoppage to                                                                                                                                                                                                                                                                                                                                                                                                                                                        systems•  Board level oversightof                                                                                                                                            ongoingmonitoringofpoliticalrisks andopportunities•  Managementplansaddressing politicalimpactsassociatedwith existingorplannedoperations•  Appropriate levelsofresourcingand competencytoidentify,analyseand adviseonpoliticalriskmanagementRiskmitigationactivitiesand outcomesin2014•  Developmentofaforward                                                                                                                                                                                                                                                                                                                      
    our activities, disturbances or                                                                                                                                                                                                                                                                                                                                                                                                                                                        politicalrisks•  Board level oversightofcountry- specificnon-technicalrisk                                                                                                 lookingquarterly PoliticalRisk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
    Force Majeure events•  • Degree of conformance                                                                                                                                                                                                                                                                                                                                                                                                                                      (NTR) strategies•  Portfolioriskmanagement assessments,includingactive monitoringofpoliticalchanges, risksandopportunities                                                    Reportfor Executive                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   with internationally                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Committee(ExCom)and the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
   recognised conventions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Board•  DevelopmentofBoard levelcountry strategypapers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
   such as VPSHR