Tullow Oil

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Type Public Limited Company
Traded as LSE: TLW
Founded 1985[1]
Headquarters London (UK)[1]
Key People Mr. Aidan Heavey (CEO)[1]
Products Oil and gas exploration.
Employees 935 (2011)[1]
Website www.tullowoil.com

Overview

London-based Tullow Oil plc engages in the exploration, development and production of oil and gas in Africa, Europe, South Asia and South America, with approximately 100 production and exploration licenses in 22 countries. As of June 2011 the company had 1,509 million barrels of oil equivalent (boe) in commercial and contingent reserves.[2]

In June 2011 Tullow became one of the first major Western upstream oil companies to list in Africa when it offered shares on the Ghana stock exchange (GSE). Already listed in Dublin and London, according to the head of investor relations the move was part of a longer term strategy of African investment. In 2011 African operations accounted for $1.3 billion of the company's $1.5 billion of total capital expenditure, and is increasingly becoming the focus of the company's operations.[3] Trading of Tullow shares on the GSE commenced on 27 July 2011.[4]

Global Snapshot

EITI

Tullow Oil has been an EITI supporting company since May 2011.[5]

UN Global Compact

As of February 2012 Tullow Oil was not a participant in the UN Global Compact, however the company's 2008 CSR report lists aligning with the initiative as one of their long-term corporate goals.[6]

CSR Review

According to the company's 2010 Corporate Responsibility Report the following can be highlighted:

  • Health and Safety: In 2011 and independent malaria management audit was to be carried out with the aim of putting in place a world-class malaria management programme for contractors and employees.
  • As a response to the Deepwater Horizon spill in the US Tullow reviewed well engineering, oil spill response and control of well insurance limits.
  • The company formed a new social enterprise committee for their programme targeting education and training to create employment opportunities and enterprise development locally. In 2010 the company invested $2.6 million in social enterprise projects.[7]

Tullow Group Scholarship Scheme (TGSS)

In January 2012 Tullow launched the TGSS, in partnership with the British Council, an academic sponsorship scheme aimed to develop local skills and expertise in the oil industry. This followed on from a pilot phase launched in 2011. The scheme supports postgraduate degrees, technical training and vocational studies, in order to benefit long term socio-economic growth in the countries where it operates.

The scheme aims to award up to 110 scholarships over 2012 across the following countries: Ghana, Uganda, Kenya, Ethiopia, Gabon, Mauritania, Cote d'Ivoire, French Guyana and Bangladesh.[8]


External Coverage

  • According to Pipeline Dreams, Tullow was involved in a political scandal in Uganda involving allegations of corruption. In 2011 the Ugandan government blocked Tullow's sale of some of its Ugandan holdings to Total and CNOOC pending an investigation. Tullow categorically denied the allegations.[9]
  • According to Ghana Web Tullow, along with other international oil companies (IOCs) including Kosmos operating at the Takoradi Air Force Base in West Ghana had defaulted on their electricity bills for as much as seven years, and were threatened with being taken off the national grid. The oil companies denied failing to pay their bills.[10]

Global Operations by Country

Ghana

Main article: Tullow Oil Operations in Ghana

Kenya

Main article: Tullow Oil Operations in Kenya

Uganda

Main article: Tullow Oil Operations in Uganda

References

  1. 1.0 1.1 1.2 1.3 Tullow Oil Plc" Bloomberg, retrieved 9 February 2011
  2. "TULLOW OIL PLC" Bloomberg, retrieved 10 February 2012.
  3. "Tullow Oil to list on Ghana exchange" Financial Times, 13 June 2011.
  4. "Overview" Tullow Oil, retrieved 10 February 2010.
  5. "Tullow Oil becomes EITI supporter" EITI, 19 May 2011.
  6. "Delivering Growth Responsibly" Tullow Oil , 2008.
  7. "2010 Corporate Responsibility Report" Tullow Oil , retrieved 10 February 2012.
  8. "Tullow Oil Launches Scholarship Scheme" Ghana News Agency, 25 January 2012.
  9. "http://www.pipelinedreams.org/2011/10/jubilee-partners-in-the-news/#more-2272 Jubilee partners in the news]" Pipeline Dreams, 18 October 2011.
  10. "Tullow, Kosmos and others face blackout over electricity bills" Ghana Web, 17 November 2011.