2008 Annual Report and Accounts

Vision and Strategy

Realising our vision

Tullow has a clear vision, a consistent strategy and a flexible but highly-integrated business model that continuously adapts to the prevailing external environment.

Our business model diagram

E&A has responsibility for identifying core plays, prioritising prospective exploration options and executing exploration and appraisal programmes within material follow-on campaigns.

P&D has responsibility for field appraisal, development of commercial discoveries and the management of the Group’s production and reserves, which are fundamental to revenue generation.

Finance has responsibility for the management of equity, debt and cash to maintain a strong balance sheet and the ability to fund E&A and P&D activities with prudent, focused capital investment.

Legal has responsibility for all governance and legal issues including regulatory compliance and delivering commercial legal solutions for Tullow’s business needs.

Collective responsibility is held for portfolio management including disposals, investments and mergers and acquisitions. At the core of Tullow’s business model is the Group’s vision and strategy and strong discipline in planning and execution.

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