Overview presentation DEFINING TULLOWS POSITION IN THE E&P INDUSTRY The four pillars of our growth ambitions Africa Oil Sustainable Progressive A balanced E&P business, focused on oil & specialising in emerging markets…
Overview presentation OUR PORTFOLIO OF ASSETS NEW VENTURES - exploration EAST AFRICA - development Kenya Extensive acreage in Africa and South America, in well-known plays Significant discoveries in South Lokichar basin Multiple…
Overview presentation
Overview presentation A BALANCED E&P DELIVERING GROWTH & RETURNS Reset business delivering substantial free cash flow Cash generation Balanced capital allocation to maximise returns Significantly strengthened balance sheet…
Overview presentation PRODUCTION GROWTH THROUGH EXISTING ASSETS Oil production growth 2018 production Ghana 150 Jubilee BI insurance Production in line with expectations Non-op Portfolio 125 Future estimated production…
Overview presentation COST BASE RESET FOR THE LONG TERM m m Net G&A Financing costs 250 400 200 300 150 200 100 100 50 0 0 2015 2016 2017 2018f 2019f 2015 2016 2017 2018f 2019f /bbl Unit Opex 20 Continued cost…
Overview presentation CONTINUED PRUDENT FINANCIAL MANAGEMENT Diversified and evolving capital structure Revenue protection through hedging A balance of funding sources Proven hedging policy over 10 years Revolving RBL provides…
Overview presentation CAPITAL ALLOCATION FRAMEWORK DEBT AND LIQUIDITY INVESTING IN OUR BUSINESS SHAREHOLDER RETURNS Balance sheet robust to Apply strict criteria to allocate Demonstrating financial future oil price volatility…
Overview presentation DELEVERAGING THE BALANCE SHEET REMAINS A PRIORITY Net debt (bn) Gearing ratio (times) 5.0 5 Net debt Gearing DEBT & GEARING 4.0 4 Balance sheet robust to future oil price volatility 3.0 3 Driving net…
Overview presentation ATTRACTIVE OPPORTUNITIES FOR CAPITAL INVESTMENT Annual investment outlook INVESTING IN OUR BUSINESS Apply strict criteria to MAXIMISING 200m - 300m 50m - 100m PRODUCTION Ghana Non-op allocate capital across…
Overview presentation FINANCIAL PROGRESS ENABLES SHAREHOLDER RETURNS FREE CASH Strong free cash flow generation outlook SHAREHOLDER RETURNS FLOW 1 Balance across debt, investment and returns Demonstrating financial discipline…
Overview presentation
Overview presentation CASH GENERATION FROM EXISTING ASSETS WEST AFRICA BUSINESS Scope to grow net production beyond 100,000 bopd PRODUCTION Return to a multi-year drilling campaign in Ghana GROWTH Revival of Central & West Africa…
Overview presentation GHANA PRODUCTION: A LONG-TERM SOURCE OF CASH GENERATION Maximising production Seven new wells planned for 2019 Forecast gross production of 180 kbopd in 2019 Rig agreements give maximum flexibility…
Overview presentation GHANA LONG-TERM PRODUCTION OUTLOOK 200,000 Prospective 3P Reserves Production rate (bbl oil per day) 2C Resources TEN 2P Reserves 150,000 Jubilee 2P Reserves 100,000 50,000 0 2018 2019…
Overview presentation CENTRAL & WEST AFRICA PORTFOLIO Booked net resource NON-OPERATED ASSETS YE 2017 Solid production base 28% of 2018 Group production Focus on low-investment/high-value Stable 5+ year production profile 16…
Overview presentation CENTRAL & WEST AFRICA PERFORMANCE Reliable long-term production with capex flexibility 35,000 Potential business 30,000 Cte dIvoire development Net Production (boe/day) opportunities 25,000 20,000…
Overview presentation CENTRAL & WEST AFRICA REVIVAL Tchatamba Reserves growth despite consistent production 160% 16 14 2C Resources 2P Reserves Production CWA 2P reserves replacement in 2018 Volume of Oil (MM bbl) 12…
Overview presentation
Overview presentation UGANDA & KENYA - DEVELOPING TRANSFORMATIONAL DISCOVERIES KENYA UGANDA MATERIAL OIL 560mmbo 1.7bbo DISCOVERIES 2C resource 2C resource E&A Development Farm down equity Uganda DEVELOPMENT Value over…
Overview presentation UGANDA IS A BEST-IN-CLASS PROJECT Key project metrics 100 mmbo 3.5 billion net 2P reserves value of farm-downs by Tullow in to be booked Uganda since 2012 at FID 4.50/bbl First Oil unit 2022 2.5bn bbls…
Overview presentation DEVELOPING KENYA'S DISCOVERED RESOURCES South Lokichar development plan Agete Erut Discovered resources support development via Etom export pipeline to Lamu Twiga Ekales Phased development approach planned…
Overview presentation PROJECT OIL KENYA KEY BUILDING BLOCKS TO PROJECT DELIVERY Alignment in Fiscal, Facilitated revenue Oil in place analysis Optimised CPF design 18, 821km buried, Commercial & Legal sharing agreement complete…
Overview presentation KENYA STEPPING STONES TO FID To achieve FID in 2019, the following tasks must be completed: Complete pipeline & Submit Environmental upstream Front End and Social Impact Engineering & Design Assessment…
Overview presentation
Overview presentation A BUSINESS APPROACH TO EXPLORATION Superior Focused Smart deals Discipline Efficiency execution Refined 300m from Rigorous, Savings through Simple wells portfolio of deals consistent & agile working,…
Overview presentation EXPLORATION CRITERIA FOR VALUE CREATION Targeted exploration Light conventional oil COMMERCIAL SCREENING Low cost simple wells Tested at 50/bbl Low complexity deep water Low cost of development HIGH MARGIN…
Overview presentation MULTIPLE HIGH-IMPACT CAMPAIGNS OVER NEXT THREE YEARS Gross 2019 2020 2021 Unrisked 1 priority GUYANA 4 bbo SURINAME 3 bbo Top ranked CTE DIVOIRE 1.5 bbo PERU 2.3 bbo New entries COMOROS 7 bbo…
Overview presentation SPOTLIGHT ON GUYANA (60% operated equity) 4BBO Kumaka Gross mean un-risked resources (37.5% equity) Shelf-edge Leveraging a Increased equity in Acquired 3D seismic Sharing Ghana acreage in…
Overview presentation SPOTLIGHT ON GUYANA 2019 drill candidates Transformational opportunity with multiple follow-up potential Slide 33
Overview presentation SPOTLIGHT ON CTE DIVOIRE 1.5 BBO Low-cost Using both Carried work High-value Light footprint Gross mean un-risked exploration in proven & programme; barrels & low execution across resources core West…
Overview presentation SPOTLIGHT ON COMOROS 7 BBO 17 Leads 16,063 sq km 35% equity Large, operated, offshore oil play in East Africa Simple drilling and attractive fiscal terms Managed cost exposure in frontier acreage…
Overview presentation Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT Follow Tullow on: United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: irtullowoil.com Web: www.tullowoil.com…
Loading...
