
Tullow Oil is a leading independent oil and gas exploration and production company. Thier focus is on finding and monetising oil in Africa and South America. Key activities include targeted exploration and appraisal, selective development projects and growing the company's high-margin production.
The Group has interests in over 85 exploration and production licences across 17 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures.
CapEx
- Capital expenditure is forecast to be c.US$265 million in 2021, with an additional c.US$100 million to be spent on decommissioning
Production and reserves
Tullow reported working interest oil production averaged 74,900 bopd bopd in 2020. Group working interest oil production is forecast to average 60-66,000 bopd in 2021.
Tullow’s audited 2P reserves have increased from 243 mmboe at the end of 2019 to 260 mmboe at the end of 2020. Based on 27 mmboe of 2020 production, this represents an organic reserves replacement ratio of c.160%, underpinning the business plan presented at the CMD. This was largely driven by a 31.5 mmboe increase at Jubilee following improved field performance and the acceleration of development projects in the new plan. Tullow’s audited 2C resources decreased from 1,102 mmboe to 640 mmboe, largely resulting from the Uganda asset sale.
Website l Careers l Linkedin 'People'