Group overview
What we do
Tullow is one of Europe’s leading independent exploration and production companies. The Group has a balanced portfolio of quality oil and gas assets, across 23 countries with an interest in 106 licences.
Chairman’s statement
By building on the progress made in 2007, Tullow has the potential to more than double in size. As a Group, we have the ability and the appetite to ensure we meet this challenge and continue to deliver superior shareholder value.
Directors’ report: Business review
Chief Executive’s review
Tullow’s strategy is based on having a long-term view and continually investing to grow the value of the business. This delivered again in 2007 with exceptional exploration success together with record production and cashflow.
Operations review
Continued growth will bring with it new challenges and through case studies in the meeting the challenge section we show how we are meeting the challenges of successful partnership, long-term growth, managing a mature basin and supporting education.
Directors’ report: Corporate governance
Board of Directors
Tullow is subject to a high degree of regulation and stakeholder scrutiny and it is paramount that the business is effectively managed by the Executive and governed by the Board.
Corporate governance
The Board’s overall objective is to provide strategic leadership, guidance and perspective to the business on behalf of the shareholders. This year, the Chairman provides a new and personal introduction to Corporate Governance which includes Board performance and development, Tullow’s governance structure and planning for the future.
Financial statements
Shareholder information
Following the resolution passed at last year’s Annual General Meeting, Tullow wrote to all shareholders explaining the new electronic communication arrangements and consulted with shareholders to see how they now wished to interact with the Group. This year nearly 7,000 shareholders will receive this annual report by e-delivery, which has significantly reduced the number of printed documents, leading to a reduction in the environmental impact of waste paper.
Senior management
We continue to invest in the best talent to ensure we remain a great place to work with a strong and versatile team. Tullow’s exciting and visible success has been a key factor in attracting top people.
Glossary
The oil and gas industry uses many technical terms. For ease of use and understanding we have included some of the key terms on this page in a summary glossary. A full glossary can be found on the supplementary information page.
Summary glossary
boe Barrels of oil equivalent
boepd Barrels of oil equivalent per day
bopd Barrels of oil per day
CSR Corporate and Social Responsibility
EHS Environment, Health and Safety
EPS Early Production System
FPSO Floating Production, Storage and Offtake vessel
LTI Lost Time Incident
LTIFR LTI Frequency Rate measured in LTIs per million hours worked
mmbbl Million barrels
mmboe Millions of barrels of oil equivalent
mmscfd Millions of standard cubic feet per day
PSC Production Sharing Contract
TSR Total Shareholder Return
