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Tullow Oil oil and gas exploration summary

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24 September 2019

Tullow Oil oil and gas exploration summary

Report summary

Low oil prices and capital commitments stretched Tullow's finances to the limit. Resetting the business and positioning for growth has been a key strategic objective during the downturn and the company has delivered on this objective. The business has now been restructured and the balance sheet strengthened. High-impact exploration was largely on the back burner from mid-2014 to 2017. E&A expenditure fell to just US$82 million in 2016, from peak rates of US$1 billion between 2011 and 2013. There was an increase in E&A spend in 2017 (US$98 million) but this fell in 2018 to US$70 million. The company plans to increase its exploration budget to around US$150 million per year and this will allow it to drill three to five high impact wells p.a.

Table of contents

  • Upstream strategy
  • Exploration strategy
  • Evolution of exploration strategy
    • Africa has delivered big volumes in first half of decade
    • Significant volumes from the West African Transform Margin in Ghana
    • Hopes high for Cote d'Ivoire
    • The emergence of East Africa's rift systems
    • Uganda
    • Kenya
    • Ethiopia, Zambia and Comoros
    • Transferring the Atlantic Transform Margin to Guyana and Suriname
    • Early days in Namibia, Peru and Argentina

Tables and charts

This report includes 20 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2009 to 2018)
  • 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
  • Full-cycle valuation
  • Full cycle value creation by year
  • Exploration returns by year
  • Costs and development value by resource category
  • Returns by water depth

What's included

This report contains:

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    Tullow Oil oil and gas exploration summary

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    Tullow Oil oil and gas exploration summary

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