Tullow has a significant asset base in Europe, South Asia and South America. The Group has well established production in the UK and Bangladesh, and exciting high-impact exploration acreage positions in Portugal, Pakistan, French Guiana and Guyana. Tullow is targeting Jubilee-type plays across the Atlantic and has identified opportunities in South America which will form part of future campaigns.
Working interest production (boepd)
Decrease in working interest production
Contribution to Group working interest production
Reserves and resources (mmboe)
Decrease in reserves and resources
Contribution to Group reserves and resources
Key producing assets
| Core area / country | Producing field (Tullow %) | 2008 Working interest production (boepd) |
|---|---|---|
| Europe | ||
| UK | CMS Area fields (9.5% – 100%) | 13,300 |
| Thames-Hewett fields1 (50% – 100%) | 6,800 | |
| South Asia | ||
| Bangladesh | Bangora-Lalmai (30%) | 3,750 |
| Pakistan | Chachar2 (75%) | 1,450 |
| Sara/Suri (38.18%) | 200 | |
- 1. Tullow sold its interest in the Hewett field to Eni in December 2008.
- 2. Tullow is awaiting completion of the sale of this interest to Pakistan Petroleum Ltd.
Europe
Strong platform for growth
Through its UK experience, the Group has developed significant operating capability and these skills are being deployed across the rest of the Tullow portfolio as well as providing a sound base for potential future expansion in Europe. In 2008, Tullow produced over 20,000 boepd in the UK and sold non-core assets for a total of £245 million.
Looking forward, the Group has good organic growth opportunities in the Netherlands and in Portugal where frontier exploration opportunities are being evaluated.
South Asia
More focused portfolio
Tullow has had interests in South Asia since 1990 when it signed its first licences in Pakistan. In 2008, the Group produced over 5,000 boepd, following a successful upgrade of its Bangora production facility in Bangladesh.
In early 2009, the Group reviewed its portfolio in South Asia and decided to scale back activities. Going forward, the Group is focusing on production operations in Bangladesh, converting Pakistan operations into a non-operated venture retaining high-impact exploration acreage.
- * Tullow withdrew from India in early 2009
South America
Targeting new plays
Following Tullow’s recent success in Ghana, the Group is now targeting similar stratigraphic plays in South America, which correspond to basins in the Equatorial Atlantic region. Tullow is building a strong acreage position in the region and currently has interests in Guyana, Suriname and French Guiana.
The Group’s large acreage position in French Guiana has been re-worked in 2008 and several interesting Jubilee-type leads have been identified in the eastern area of the block.
- * Tullow withdrew from Trinidad and Tobago in early 2009
- Key:
- E Exploration
- D Development
- P Production