Tullow Oil
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| Public limited company | |
| Traded as | : : TLW : TQW |
| Industry | Oil and gas exploration |
| Founded | 1985 in Tullow, Ireland |
| Headquarters | London, United Kingdom |
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Key people
|
Simon Thompson (Chairman) Aidan Heavey (CEO) |
| Products | Oil and gas |
| Revenue | $1,269.9 million (2016) |
| $(754) million (2016) | |
| $(597.3) million (2016) | |
| Website | www.tullowoil.com |
Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom.
It has interests in over 150 licenses across 25 countries with 67 producing fields and in 2012 produced on average 79,200 barrels of oil equivalent per day. Its largest activities are in Africa and the Atlantic Margins, where it has discovered new oil provinces in Ghana, Uganda, Kenya and French Guiana.
Tullow’s main production comes from six countries in Africa as well as the Southern North Sea and Asia. Ghana's offshore Jubilee oil field which was discovered in 2007 and started production in December 2010 is Tullow's largest discovery.
As at 31 December 2012 Tullow had total group reserves and resources of 1.2 billion barrels of oil equivalent including commercial reserves of 388 million barrels of oil equivalent. Tullow's 2012 exploration and appraisal drilling success rate was 74% around double the industry average; this success has been ascribed to its drilling in geological formations similar to those in which oil has been discovered at other locations. For example, a formation off the coast of South America which is similar to formations in West Africa.
Tullow has a primary listing on the and is a constituent of the FTSE 250 Index. It has a market capitalisation of approximately £2.75 billion as of 15 July 2015. It has secondary listings on the and .
On 17 March 2017, Tullow announced a $750m Right Issue as the oil producer struggle with low oil price.
The Company was founded by Aidan Heavey in 1985 in Tullow, Ireland as a gas exploration business operating in Senegal.
"It started in a small town called Tullow, about 35 miles south of Dublin, Ireland. In the 80s there were loads of companies starting off in the North Sea and Irish Celtic Sea. I was talking to a friend of mine in the bank one day and he was talking about small oil fields in Africa, which had been left behind by the majors and had no-one to work them. That is where the idea came from. I contacted another friend of mine in the World Bank who told me about a project in Senegal. They had some small gas fields that they were trying to get people to develop, so I setup Tullow Oil to rework those old fields. I knew nothing about the oil and gas industry at the time, which made it more challenging. No one thought Tullow would succeed because of my lack of knowledge of the industry, no major backers and I was starting a company in a country with no oil industry." (Aiden Heavey, CEO)
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Wikipedia