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Tullow Oil oil and gas exploration summary

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Report summary

Following an unwavering commitment to exploration Tullow has responded to lower oil prices by completing a sharp inflection in its strategic direction. In the 2011 to 2013 period the company spent over US$1 billion annually as it looked to maintain its exploration momentum. Funds from the selective monetisation of discovered resources were used to support development activity and ongoing investment in exploration. In 2014 Tullow entered a period of intensive development offshore Ghana and in the absence of material asset sales exploration spend was cut to US$800 million. Exploration investment had seen even further cuts in both 2015 and 2016.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 23 images and tables including:

Images

  • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries, organic unconventionals and as a proportion of all future production
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Valuation: Image 1
  • Valuation: Image 2
  • Valuation: Image 3
  • Returns by water depth

Tables

  • Ten year performance summary
  • Top 40 discoveries (2006 to 2015)
  • Full-cycle valuation
  • SWOT Grid
  • Gross exploration & appraisal wells by basin and sector

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