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Tullow Oil oil and gas exploration summary

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20 November 2017

Tullow Oil oil and gas exploration summary

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, with further cuts in 2015 and 2016. The company made a measured return to high-impact exploration in 2017.

Table of contents

  • Executive summary
    • Upstream strategy
      • SWOT Grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from new field discoveries, organic unconventionals and as a proportion of all future production
    • Africa drives exploration out-performance over the decade
    • Significant volumes from the West African Transform Margin in Ghana
    • The emergence of East Africa's rift systems
    • Transferring the Atlantic Transform Margin to Latin America

Tables and charts

This report includes 23 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Top 40 discoveries (2006 to 2015)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full-cycle valuation
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year
  • Exploration returns by year
  • Costs and development value by resource category
  • Returns by water depth
  • Strategy: Table 1

What's included

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