A leading independent oil and gas company
Tullow has a large portfolio of exploration and production assets with a focus on balanced long-term growth. In the near term, Tullow is concentrating on executing major projects in Ghana and Uganda and continuing to build a powerful presence in Africa.
2008 was another outstanding year for exploration success at Tullow. The Group’s overall success rate was 77% with 17 discoveries from 22 wells, and a 100% success rate in Ghana and Uganda.
In Ghana, major resource potential was confirmed at the Jubilee field, with most likely reserves of 1.2 billion barrels of oil.
In Uganda, a series of significant discoveries means the Lake Albert Rift Basin has passed the commercial volume threshold required for development and is now being fast-tracked.
Operations on Ngassa-1 well, Uganda.
77%
Exploration success rate in 2008, with 17 discoveries from a 22-well exploration programme during the year.
Total reserves and resources by oil and gas (mmboe)
Total reserves and resources of 825 mmboe, up 50% in 2008.
Gas
Oil
Total reserves and resources by region (mmboe)
Strong growth during 2008 in African reserves and resources, up 60%.
Rest
of the World
Africa
2009 Challenges
Tullow’s focus in 2009 is on selective high-impact Exploration and Appraisal (E&A) campaigns. These include:
- Appraising the extent of the Jubilee field to prove reserves and mature resources, which will support long-term funding and infrastructure development for this new industry offshore Ghana;
- Increasing the resource inventory of the Lake Albert Rift Basin, with a focus on
delivering further material discoveries;
- Following up on the successful Tweneboa-1 well with a campaign of E&A wells;
and
- Planning core play campaigns for 2010 onwards, in particular, material stratigraphic
traps in the Equatorial Atlantic margins of West Africa and South America.
Key risks
Geological chances of success generally range from 15% for a wildcat exploration well to 80% for a calibrated appraisal well. Exploration risk is mitigated through the use of appropriate technologies and technical excellence in exploration methodologies, enabling Tullow to identify the best opportunities for drilling and portfolio high-grading.
Outlook
There is a very positive outlook for continued organic growth through a strong exploration programme that identifies and offers exposure to material upside.
