Tullow Oil Plc · LSE:TLW
Tullow Oil — Investor Day (July 2010)
165 slides from Tullow Oil's investor day presentation, Jul 1, 2010
Slide 1: Capital Markets Event - Ghana
Capital Markets Event - Ghana 1 July 2010 2010 Capital Markets Event - Ghana Slide 1
Slide 2: Welcome to Ghana
Welcome to Ghana Dai Jones President and General Manager of Tullow Ghana 2010 Capital Markets Event - Ghana Slide 2
Slide 3: Agenda
Agenda Section Presenters Page 1. Welcome to Ghana Dai Jones 2 2. Ghana in context Gayheart Mensah 5 3. Investing in Ghana George Aboagye 12 4. Ghana Exploration and Appraisal Robin Sutherland/Appia Kyei 13 5. Jubilee Progress Report Stuart Wheaton/Dave Hanley/Alan Dowokpor 29 - Introduction 30 - Su
Slide 4: Our Success in Ghana
Our Success in Ghana • Environment, Health and Safety - Excellent record - It will not be compromised, we are ever vigilant • Fast track world class project – from sceptics to believers - Performance, delivery, excellent people • Transformation - Takoradi - Jubilee Field - Accra - London • Relations
Slide 5: Ghana in context
Ghana in context Gayheart Mensah Ghana Communications Manager 2010 Capital Markets Event - Ghana Slide 5
Slide 6: Overview
Overview Geography • Republic of Ghana (formerly Gold Coast) is located in West Africa - Accra is the Capital • Bordered by Togo (east), Cote d‟Ivoire (west), Burkina Faso (north) and the Gulf of Guinea (south) • 10 regions: Ashanti, Brong-Ahafo, Central, Eastern, Greater Accra, Northern, Upper East
Slide 7: History
History • Ghana gained independence on 6 March 1957 • Ghana was originally located about 500 miles northwest of the modern state Ghana • First interaction between the Gold Coast and Europeans was with Portuguese traders in 1470 • This was followed by the English (1553), the Dutch (1595) and the Swed
Slide 8: Culture
Culture Religion • Ghana has six main ethnic groups (Akan, Ewe, Ga-Adangbe, Mole-Dagbani, Guan and Gurma) from which nearly 100 sub- ethnic groups emerge • 63% Christian, 21% Muslim, 16% traditional African religions. Ghana has the highest percentage of Christians in West Africa, but belief in tradi
Slide 9: Politics
Politics Background • Dr. Kwame Nkrumah led Ghana to independence and was the first President of the country • Series of military Governments and short term democratic regimes between 1966 and 1994 • Ghana adopted a new constitution in 1992 Political Parties and Leaders • The President of the Republ
Slide 10: Economy
Economy • Currency is the new Ghana Cedi • Real GDP Growth - 2009 (5.1%) - 2010 (6.0% forecast) - 2011 (22.0% forecast) • Foreign Direct Investment - 2007 ($855,000,000) - 2008 ($2,111,590,000) • Domestic economy continues to revolve around fishing and agriculture, which accounts for more than a thi
Slide 11: Conclusion
Conclusion • Ghana celebrated its fiftieth anniversary of independence in 2007 with strong growth, continued poverty reduction, and renewed optimism about its future • Ghana remains a shining example in Africa in the area of multi-party democracy and good governance • Ghana remains determined to rea
Slide 12: Investing in Ghana
Investing in Ghana SEE SEPARATE PRESENTATION George Aboagye CEO, Ghana Investment Promotion Centre 2010 Capital Markets Event - Ghana Slide 12
Slide 13: Ghana Exploration & Appraisal
Ghana Exploration & Appraisal Robin Sutherland Exploration Manager – Gulf of Guinea Appia Kyei Principal Jubilee Field Development Geophysicist 2010 Capital Markets Event - Ghana Slide 13
Slide 14: Ghana: Material stratigraphic traps in a new oil basin
Ghana: Material stratigraphic traps in a new oil basin The History: • West Africa has long been a core area • Stratigraphic traps are a core play - Southern North Sea - Equatorial Guinea • Extensive geological review highlighted Ghana Ghana - several advantages: • A proven petroleum system – discove
Slide 15: Ghana: Exploration & appraisal continues to deliver
Ghana: Exploration & appraisal continues to deliver Fields discovered since 2007 • Jubilee, Odum & Tweneboa Deepwater E&A – 13 successes out of 14 wells • Jubilee – World-class oil discovery, 95m pay in Mahogany-1 • SE Jubilee – Significant oil accumulation, 15-43m pay • Tweneboa – Gas condensate an
Slide 16: Jubilee - surrounded by prospects
Jubilee - surrounded by prospects Onyina • Large Campanian Fan prospect • AvO supported but remains high risk/high reward Teak • 4-way closures at Campanian and Turonian levels • Directly up-dip of Jubilee • Gas chimney above prospect Dahoma Up-dip • Upper Jubilee equivalent prospect • Reservoir de-
Slide 17: Onyina prospect
Onyina prospect Onyina prospect Onyina geological summary • Large upper Campanian fan/channel • Stratigraphic trap system with two distinct feeders • Located on South Tano High, in good position to • Only eastern feeder prospective receive charge from same Cenomanian-Turonian • Water depth 600m-1,05
Slide 18: Teak prospect
Teak prospect Teak geological summary Teak prospect • Up-dip of both Jubilee and Odum • Stacked Turonian to Mid Campanian submarine channel systems • Potential up-dip extension of Turonian Jubilee • Significant 4-way dip closures • Stacked structural and stratigraphic traps • Scheduled to be drilled
Slide 19: Dahoma Up-dip and Sapele prospects
Dahoma Up-dip and Sapele prospects Dahoma Up-dip • Up-dip of excellent reservoir intersected in Dahoma-1 • Eastern flank of overall Jubilee fan • Upper Jubilee equivalent reservoir objectives • To be drilled Q4 2010 / Q1 2011 Sapele • Down-dip of Jubilee but stratigraphically younger • Pinch-out evi
Slide 20: Ghana: Realising more value in West Cape Three Points
Ghana: Realising more value in West Cape Three Points Stepwise 2010-2011 campaign • Extending plays east of Jubilee • 3D seismic processing to enhance imaging South Central Channel • Next eastward step in Turonian play • Jubilee Upper equivalent prospect • Clear AvO anomaly South East Channel • Sign
Slide 21: Deepwater Tano high-equity accelerated E&A
Deepwater Tano high-equity accelerated E&A Tweneboa/Owo/Ntomme • Potentially 60% liquids (70% may be oil) • Owo-1 will „make or break‟ the P10 case: 1.4bnboe • Important for scale of development • Tweneboa-3 targets Ntomme anomaly • Deeper fans in lower Turonian and Cenomanian enhance upside potenti
Slide 22: Tweneboa field
Tweneboa field Field characteristics • Water depth 1,500m - 1,700m • Tweneboa field comprises the eastern part of a bifurcating Turonian channel/fan system • Proven gas/condensate in Upper Channel overlying oil in a Lower Channel • Gas water contact unknown • Oil water contact intersected by T-2 Fie
Slide 23: Section through Tweneboa Wells
Section through Tweneboa Wells • Stratigraphic trap potential with 360m gross column height and 6.4km down-dip extent 2010 Capital Markets Event - Ghana Slide 23
Slide 24: Owo prospect
Owo prospect Owo prospect characteristics • Stratigraphically trapped turbidite channel complex forming the western part of the greater Tweneboa Turonian fan system • On-lapped by the younger Tweneboa channel complex to the east • The prospect comprises sinuous stacked channels that are well imaged
Slide 25: Pore Pressure Prediction – critical to safe drilling
Pore Pressure Prediction – critical to safe drilling • Understanding the expected Pore Pressure is critically important for safe well design • Predictions are made using offset well information and detailed analyses of geological and geophysical data • A pressure plot is created for every well drill
Slide 26: Wawa prospect
Wawa prospect • Wawa is an up-dip test of the Upper and Lower Campanian channel reservoirs that were water bearing in T-1 and T-2 wells • It will be deepened to penetrate up-dip Turonian channel of the Owo fairway • Will better constrain the upside resource range within the area • Potential tie back
Slide 27: Deep Turonian & Cenomanian prospects
Deep Turonian & Cenomanian prospects • Stacked Turonian and Cenomanian stratigraphically trapped prospects • Could be tested with one well • Will better constrain the upside resource range within the area • Potential tie back to Tweneboa • Cenomanian interval is the equivalent section to Vanco‟s rec
Slide 28: Prospective Resource Summary
Prospective Resource Summary Greater Tweneboa Resources: 100-400-1,400 mmboe (P90-P50-P10) • Owo-1 will „make or break‟ the upside SE Jubilee: 100-500 mmboe (P90-P10) • P90 to P10 range is narrowing as the uncertainty is reduced by M-5 and the P50 is pending development scenarios (Includes Sapele an
Slide 29: Jubilee Progress Report
Jubilee Progress Report Stuart Wheaton Ghana Development Manager Dave Hanley Ghana Sub-Surface Manager Alan Dowokpor Well Engineering Manager - Ghana 2010 Capital Markets Event - Ghana Slide 29
Slide 30: Introduction – Stuart Wheaton
Introduction – Stuart Wheaton 2010 Capital Markets Event - Ghana Slide 30
Slide 31: Development Plan - Jubilee Unit and southeast Jubilee
Development Plan - Jubilee Unit and southeast Jubilee • Jubilee Unit - Phase 1 - FPSO in field and starting installation phase - Subsea equipment ~75% installed - Drilling of 16 development wells complete - Well completions under way - On track for 4Q 2010 first oil and delivery within 10% of budget
Slide 32: Greater Jubilee Reserves & Resources Summary
Greater Jubilee Reserves & Resources Summary Reserves (MMbbl) Resource (MMbbl) Phase 1b Phase 1 Phase 1a 10-20 wells 17 wells 5-8 wells Low 250 60 160 Mid 370 100 205 High 590 215 260 • Jubilee Unit Area Reserves & Resource range 500 – 700 – 1000 mmbbls • Southeast Jubilee Resource range 100 to 500
Slide 33: Efficient delivery Jubilee Phase 1 project
Efficient delivery Jubilee Phase 1 project July 2007 Discovery Well August 2007 Appraisal well confirms large discovery January 2008 JVs/GNPC agree concept, commit to develop February 2008 Initiated Integrated Project Team (IPT) and preliminary unit agreement May-Jun 2008 Ordered long-lead items (IP
Slide 34: Subsurface Update – Dave Hanley
Subsurface Update – Dave Hanley 2010 Capital Markets Event - Ghana Slide 34
Slide 35: Subsurface Update - contents
Subsurface Update - contents • Subsurface overview • Jubilee Phase 1 - Execution & status - Unit Area drilling results - Advances in reservoir understanding - database - Reserves - production performance forecasts • Jubilee Phase 1a - Infill drilling options - planning and potential • Jubilee Phase
Slide 36: Ghana development projects
Ghana development projects Jubilee field – Unit Area • 60 km offshore in avg. 1,200m water depth • Three appraisal wells confirm giant discovery • Excellent reservoir and fluid properties Phase 1 FPSO development commences • Early ‟08 decision to pursue phased development with fast tracked Phase 1 •
Slide 37: Tullow Ghana Subsurface Team
Tullow Ghana Subsurface Team • Organisation / expertise in-place for parallel work on: - Jubilee Phase 1 execution and Phase 1a infill planning - Jubilee Phase 1b & southeast conceptual development • Right-sized for continued success: 20+ professionals • Range of experience levels from graduate to 3
Slide 38: Jubilee Unit - Phase 1 execution & status
Jubilee Unit - Phase 1 execution & status Jubilee Phase 1 Execution (17 wells) • 12 new wells drilled o - up to 70 deviation, total drilled footage >40kms • Re-use of 4 E&A wells - >$60MM saving vs. sanction • J-06 well held in reserve until after first oil • 18 month completions phase underway Phas
Slide 39: Jubilee Phase 1 data advances
Jubilee Phase 1 data advances Good quality 3D seismic data • Mapping of interval boundaries and structural units simple • But reservoirs themselves are difficult to map with certainty Application of seismic technology • Allows direct mapping of individual reservoirs sands • Clearly demonstrates rese
Slide 40: Phase 1 development well locations
Phase 1 development well locations 2010 Capital Markets Event - Ghana Slide 40
Slide 41: Jubilee Unit - Phase 1 production performance
Jubilee Unit - Phase 1 production performance Oil Rate Low High Mid Oil rate (bopd) Cum. Oil (MMbbls) Cum Oil Low High Mid 120,000 600 100,000 500 80,000 400 60,000 300 40,000 200 20,000 100 0 0 2010 2015 2020 2025 2030 2035 2040 • Production performance assumes 120,000 bopd capacity with 5% downtim
Slide 42: Phase 1a example modelled infill well locations
Phase 1a example modelled infill well locations Example infill well locations • All producers can be reached from existing manifolds • But water injectors may require long step-outs or an additional East water injection manifold / flowlines etc 2010 Capital Markets Event - Ghana Slide 42
Slide 43: Phase 1a infill options & planning
Phase 1a infill options & planning Rate – mid-Case (17 wells) Rate – Phase 1a (7 infill wells) Oil rate (bopd) Cum. Oil (MMbbls) Cum – mid case (17 wells) Cum – Phase 1a (7 infill wells) 120,000 600 Infill provides ~2 year plateau extension 100,000 (6 UM wells & 1 LM well) 500 80,000 400 40,000 Seve
Slide 44: Phase 1b – Potential infill & incremental facilities
Phase 1b – Potential infill & incremental facilities • Targets outlying parts of existing developed reservoirs (MH4 & MH5) and thinner and as yet undeveloped reservoirs (MH3) – all inside Unit Area • Up to 20 potential infill wells or sidetrack locations • Additional subsea infrastructure likely req
Slide 45: Jubilee Unit - Phase 1, 1a and 1b Reserves & Resources
Jubilee Unit - Phase 1, 1a and 1b Reserves & Resources Reserves (MMbbl) Resource (MMbbl) Phase 1 Phase 1a Phase 1b 17 wells 5-8 wells 10-20 wells Low 250 60 160 Mid 370 100 205 High 590 215 260 Phase 1 • Well results encountered thicker sections than prognosis at sanction • Reservoir interference te
Slide 46: Southeast Jubilee - Dataset
Southeast Jubilee - Dataset • Four wells have been drilled - M-3, M-4, MD-2 & M-5 ZONE HYDROCARBONS WELL MH5 Oil MD-2 MH4 Oil M-3 M-4 MH2 Oil M-2 MD-2 MH1 Oil M-4 M-5 MHDeepU Oil and Gas M-4 MHDeepL Oil M-3 PreMahog2 Oil M-4 M-5 • Hydrocarbons in at least seven zones • Seismic data, well results and
Slide 47: Southeast Jubilee summary & forward plans
Southeast Jubilee summary & forward plans Greater development challenge than Jubilee Unit Area • Appraisal programme complete (M-3, M-4, MD-2 & M5) • Net sand thicknesses reduced • Reservoir quality and fluids broadly similar to Unit Area • Multiple thin intervals and smaller compartments • Likely h
Slide 48: Environment, Health and Safety – Stuart Wheaton
Environment, Health and Safety – Stuart Wheaton 2010 Capital Markets Event - Ghana Slide 48
Slide 49: Project EHS performance update (since project start)
Project EHS performance update (since project start) Million LTIF Hi LTI Man Hours @end May 2010 /MM man-hrs Potentials In-country 3.7 2 0.5 13 (Tullow Ghana) Project team 10.1 4 0.4 7 (IPT – world-wide) Health • Company doctor and 24/7 medical system for all personnel • Full malaria control program
Slide 50: Project – Critical EHSR issues/mitigations
Project – Critical EHSR issues/mitigations Review of well control and BOP stack • Audit of all equipment, procedures and personnel • Remote systems all tested positively on Eirik Raude Recurring crane issue on subsea construction vessel - Independent assessments and actions taken with main subsea co
Slide 51: Well Engineering – Alan Dowokpor
Well Engineering – Alan Dowokpor 2010 Capital Markets Event - Ghana Slide 51
Slide 52: Well engineering update
Well engineering update • Drilling phase success - Performance - Use of technology • Completion phase challenge - J-01 mechanical failure - Impact on production ramp-up • Campaign cost forecast update 2010 Capital Markets Event - Ghana Slide 52
Slide 53: Phase 1 drilling – Summary of workscope
Phase 1 drilling – Summary of workscope 13 new wells drilled (re-use 3 E&A wells) Eirik Raude • 7 Producers • 5 Water Injectors • 1 Gas Injector 2 oil well tests Atwood • J-08 DST following drilling of the well Hunter (16,000b/d) 10 wells drilled 1 Inj test • J-09 re-enter M-1, FracPac & DST 1 gauge
Slide 54: J-12 well schematic - Typical Jubilee well
J-12 well schematic - Typical Jubilee well • Experienced deepwater team assembled Water Depth 1,325 m • Over 48 km of section drilled Mud line at 1,350 • Well angle and reach increased steadily increased m -J-17 gas injector:72 degrees inclination, 6km long 36” Conductor +/- 83 m below ML Jubilee we
Slide 55: Performance improvement through technology (1) Slim Hole
Performance improvement through technology (1) Slim Hole Full bore Well Slim Hole Well (With 20” Casing) (No 20” Casing) • Initial wells were „full bore design‟ • Slim hole design utilised 36” - 20” casing eliminated Conductor - Wells with no shallow gas or low inclination 20” Casing - no compromise
Slide 56: Performance improvement through technology (2) BOP Hop
Performance improvement through technology (2) BOP Hop Eirik Raude • BOP Hop Performed - J-11 to J-12 - J-12 to J-01 - J-10 to J-15 BOP “hopped” from - J-15 to J-14 one wellhead to - J-14 to J-13 another without - J-13 to J-17 retrieving to surface, saving approximately • J-13 to J-17, 9.8 km rig $2
Slide 57: Performance improvement through technology (3) Bit Selection
Performance improvement through technology (3) Bit Selection • Hard turbidite stringers encountered - Harder than steel - Unusual for deepwater drilling - Vibrations affect sensitive LWD tools resulting in frequent failures - Severely reduced bit life Tri-cone before Tri-cone after - Multiple bit ru
Slide 58: Performance improvement through technology (4)
Performance improvement through technology (4) Remote Gauge Observation wells • Downhole gauges - installed in completions Sonar Interrogation of 3 wells package (boat or rig) - 7 km apart TA Cap c/w sonar transmitter • Pressure and temperature data - Measured in downhole gauges - Transferred to tra
Slide 59: Phase 1 drilling performance - Industry benchmark
Phase 1 drilling performance - Industry benchmark Development Well Performance – Africa Offshore, Water Depth >3,200ft (Drillships and Semisubmersibles) 45.00 Days per 10,000ft Q1 Q2 Q3 40.00 39.04 35.00 35.19 32.35 30.00 Days 27.10 25.00 26.04 23.00 23.62 20.00 15.00 10.00 5.00 0.00 Tullow Company
Slide 60: Phase 1 - Drilling phase summary
Phase 1 - Drilling phase summary • Fast paced environment / minimum initial infrastructure in-country • Achieved very good drilling performance from zero start in Tullow - assembled experienced team - applied targeted technology - continuously addressed performance and externally benchmarked - partn
Slide 61: Jubilee completions programme - Overview
Jubilee completions programme - Overview FMC horizontal • Eirik Raude rig Subsea tree - high performance drilling rig, but little subsea completion experience - 2 DSTs however successfully completed on Blackford Dolphin Producer: • 17 well complex completion program typical completion schematic - In
Slide 62: Completion challenge - Eirik Raude modifications
Completion challenge - Eirik Raude modifications • New deck installed on Eirik Raude for completions equipment • Modifications completed during drilling operations • Operations completed safely with no incidents 2010 Capital Markets Event - Ghana Slide 62
Slide 63: Completion challenge - Rig preparation
Completion challenge - Rig preparation • Surface well test package set up for well clean-up • Capable of cleaning up at rates of up to 15,000 bbls/d Port Aft Bay 1 Port Aft Bay 4 Port Aft Bay 3 Port Aft Bay 2 Surge Tank Workshop Surge Tank Gauge Tank Steam Generator Various Pumps Choke Manifold Roxa
Slide 64: Completion challenge – Tree installation
Completion challenge – Tree installation • 9 production trees • 8 injection (water and gas) trees • 14 now installed • Over 40 tonnes each • Trees installed using Olympic Triton Vessel • Significant time efficiencies compared to rig Approximately $75 million saved 2010 Capital Markets Event - Ghana
Slide 65: J-01 Completion – Mechanical failure
J-01 Completion – Mechanical failure 1. Initial lower completion mechanical failure •workover of an observed 20kbd+ well required •~40 days to workover, re-frac & re-run Drill Pipe 2. Hydraulic fluid contamination in workover Packer •Brine and fluid precipitate in spite of flushing lines •~10 days t
Slide 66: Jubilee completions programme – Improvement plan
Jubilee completions programme – Improvement plan Lessons learnt and actions • Close out technical investigations with service companies • Instigate program review - Gravel pack operations - Contractor performance - Fluid Loss Control Valve selection; design and QC - Control line; fluid compatibility
Slide 67: Drilling & completion schedule – Pre J-01 delay
Drilling & completion schedule – Pre J-01 delay 2009 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude Dolphin Hunter 2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude First Oil in Q4 2010 2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude Completed Phase 1 Operations June 1, 20
Slide 68: Drilling & Completion Schedule – with Sedco 702
Drilling & Completion Schedule – with Sedco 702 2009 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude Dolphin Hunter Completions & Test Drilling 2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude S-702 First Oil – Nov/Dec 2010 2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raude P
Slide 69: Phase 1 ramp-up on track
Phase 1 ramp-up on track Jubilee Phase 1 - production ramp up 000' bopd 140 120 100 80 60 40 High case 20 Low case 0 1st quarter 2nd quarter 3rd quarter 4th quarter production production production production • Production expected to start in Nov/Dec 2010 • Ramp up to 120,000 bopd within 6 months ac
Slide 70: Phase 1 cost summary – Well engineering cost forecast
Phase 1 cost summary – Well engineering cost forecast Actual or Forecast Sanction Delta Item Comment ($mm) ($mm) ($mm) scope increase +90 (well length/angle up, more testing + Drilling 780 800 -20 data gathering) Performance -110 scope increase +125 J-01 re-work +100 2nd rig use plan +30 Completions
Slide 71: Facilities – Stuart Wheaton
Facilities – Stuart Wheaton 2010 Capital Markets Event - Ghana Slide 71
Slide 72: Facilities status
Facilities status • FPSO now ~99% complete • Arrived in Ghana - 21 June • Commissioning transit - Leak testing completed - Major sub-systems pre-commissioned - heating medium - power - firewater - Pre-commission oil process train on diesel including turret manifolds Jubilee FPSO at final deep water
Slide 73: Subsea facilities - Installation schematic update
Subsea facilities - Installation schematic update Quantity Subsea Equipment WEST SIDE EAST SIDE Installed Total Umbilicals 14 14 Miles Rigid Jumpers 2 41 Rigid Flowlines 29 29 Miles Trees 14 16 Electrical Flying Leads 48 110 Steel Flying Leads 37 46 Manifolds 8 8 Tether Pile 9 9 Riser Bases 2 2 Inst
Slide 74: Subsea facilities delivery in 2009
Subsea facilities delivery in 2009 28 km umbilicals – Aker supply 19 trees – FMC supply 46 km flowlines, 26 PLETs – 8 manifolds, 2 riser bases – (Technip supply) (FMC supply) Deep Blue loadout Alabama, USA, Dec 2009 • delivered on time • delivered under budget • now installed subsea 2010 Capital Mar
Slide 75: Subsea facilities delivery & install work 1Q 2010
Subsea facilities delivery & install work 1Q 2010 Deep Blue reeling pipeline (Technip) 149 flying lead connectors for – 2nd reeling in Angola sub-sea – (Deep Down supply) 28 km Flexible risers – in LaTrait subsea controls distribution units France, on schedule (Technip supply) ready to install (FMC
Slide 76: Subsea facilities installation work 1Q 2010: All to schedule
Subsea facilities installation work 1Q 2010: All to schedule Deep Blue major installation vessel at work in field Manifold installation example Technip flowline construction yard at Sekondi set-up – direct local employees – strong IPT involvement/drive 2010 Capital Markets Event - Ghana Slide 76
Slide 77: Flexible risers buoyancy module trial fit in Le-Trait, France
Flexible risers buoyancy module trial fit in Le-Trait, France (2Q 2010) • several 100‟s of these “floats” will be installed on the risers connected to the FPSO turret • reduce load on the turret • allow riser movement 2010 Capital Markets Event - Ghana Slide 77
Slide 78: Flexible risers and flowlines stored in Le-Trait, France
Flexible risers and flowlines stored in Le-Trait, France Each riser is over 1 km long to connect subsea riser base to FPSO turret Ready to load-out from France 2010 Capital Markets Event - Ghana Slide 78
Slide 79: Technip flowline “jumper” yard – Sekondi
Technip flowline “jumper” yard – Sekondi (22 May 2010) • “jumpers” connect the subsea trees on the wells to the manifolds where production or injection is gathered or distributed • jumpers also connect manifolds to major flowlines/pipelines on the sea bed • jumpers made after the exact manifold and
Slide 80: First jumpers loading on MV Aalesund Vessel
First jumpers loading on MV Aalesund Vessel • “jumpers” are shaped to allow for temperature cycling/expansion • awkward shape • note special end connectors 2010 Capital Markets Event - Ghana Slide 80
Slide 81: Jumper installation
Jumper installation lifting from the vessel deck by construction crane connection with ROV manipulation 2010 Capital Markets Event - Ghana Slide 81
Slide 82: FPSO Turret – Riser pull-in critical activity
FPSO Turret – Riser pull-in critical activity • risers will be pulled in and connected to turret using winch and construction vessel crane • turret access platform for monitoring of operation and future inspection activity • an important “get it right first time” activity 2010 Capital Markets Event
Slide 83: Facilities summary plans
Facilities summary plans • Remaining FPSO installation scope - Install and connect/pull-in 9 mooring legs (chain and poly) – Olympic Zeus - Install three seawater lift hoses (includes diving) • Commence riser pull-in works for ~2 months from mid-July • Commission subsea – topsides interface Sept-Nov
Slide 84: In-country infrastructure and production preparation
In-country infrastructure and production preparation 2010 Capital Markets Event - Ghana Slide 84
Slide 85: Jubilee field – Operational scale
Jubilee field – Operational scale Accra-Takoradi upgraded air-bridge from Initial Estimate (Phase 1) Nov 09, 10-15 contractor 150-160 Tullow Ghana positions ~700 in-country total contractors, of which ~400 HQ office rotational positions ~130 TLW +20-30 contract + MODEC Accra Total personnel ~1200 Pr
Slide 86: Office development – Accra
Office development – Accra Approaching completion – ready to occupy July 2010 for all departments. Includes; • Emergency Response Room • MODEC representation • Collaborative Working Environment (see below) • Major meeting location + training rooms Sherwood Park office retained as contingent under cu
Slide 87: Offices & staff housing (Takoradi)
Offices & staff housing (Takoradi) Bay Court regional office - Takoradi Airport Ridge Project & shorebase teams Paloma House shorebase team Logistics Base offices - Takoradi Chapel Hill – Takoradi project team accommodation 2010 Capital Markets Event - Ghana Slide 87
Slide 88: Phase 1 Civils – Takoradi shorebase and ports 2008-2009
Phase 1 Civils – Takoradi shorebase and ports 2008-2009 Access – new roads built Takoradi Pipeyard – major construction Lighting/Fencing/Buildings at Sekondi naval port – quayside repair shorebase for navy base 2010 Capital Markets Event - Ghana Slide 88
Slide 89: Phase 2 Civils – Takoradi shorebase works 2010
Phase 2 Civils – Takoradi shorebase works 2010 QA/QC Inspection Area for well equipment New Pump House & A/C Store at shorebase Covered Storage Facilities Water & Fuel Storage Taxiway Improvements 2010 Capital Markets Event - Ghana Slide 89
Slide 90: Other key facilities developments – Takoradi
Other key facilities developments – Takoradi Marine Offices (and Skandi Aker) Prodn chemicals store quayside – to build Bird scaring - Takoradi Airport – 4 gas cannons installed + vehicle/team 2010 Capital Markets Event - Ghana Slide 90
Slide 91: Jubilee Phase 1 – Local content & development
Jubilee Phase 1 – Local content & development • Local content is a key focus Tullow Ghana pipeyard, Takoradi - long term commitment & TGL has dedicated LC team • Since project start, Tullow Ghana has awarded - >750 local contracts/POs - in 2009 $45million paid to local entities - in 2010 forecast at
Slide 92: Production readiness - Summary
Production readiness - Summary • Organisation - Tullow production operations team in place in Ghana - MODEC FPSO – crew recruitment on-going - MODEC target 40-50% national staff at start-up - MODEC Jubilee is integrating into Tullow Ghana organisation • Start-up preparation & Review/Audit - April 20
Slide 93: Cost and Schedule Summary – Stuart Wheaton
Cost and Schedule Summary – Stuart Wheaton 2010 Capital Markets Event - Ghana Slide 93
Slide 94: Jubilee Phase 1 – Summary schedule
Jubilee Phase 1 – Summary schedule Work Done Work in Progress 2008 2009 2010 2011 A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D MILESTONE Major Milestones Only SUBSEA EQUIPMENT Procurement of Xmas Trees & Delivery FIRST OIL DATE RANGE Subsea Equipment Engi
Slide 95: Jubilee Phase 1 – Summary cost performance
Jubilee Phase 1 – Summary cost performance All $ bn (gross) Sanction Forecast Comment Facilities (incl Running to budget – some contingency 1.4 1.3-1.4 contingency) may remain unused Drilling slightly under budget Well Engineering 1.5 1.75 Completions scope and J-01 performance over G&A + Prodn Prep
Slide 96: Development plan – Jubilee Unit and southeast Jubilee
Development plan – Jubilee Unit and southeast Jubilee Jubilee Unit – Phase 1 • FPSO in field and starting installation phase • Subsea equipment ~75% installed • Drilling of 16 development wells complete • Well completions under way • On track for 4Q 2010 first oil and delivery within 10% of budget J
Slide 97: EHS in Ghana
EHS in Ghana Dai Jones President and General Manager of Tullow Ghana 2010 Capital to Presentation Markets BOD –Event Accra-June Ghana 2010 Slide97 Slide 97
Slide 98: EHS 2010 Performance YTD June 16th
EHS 2010 Performance YTD June 16th TGL 2009 Group TGL 2010 Group TGL 12 MRA TYPE Actual Actual 2009 Target Target 2010 YTD TGL YTD Major Incidents Workforce fatality 0 1 0 0 0 0 HIPOf 3.0 1.54 <3.0 <1.54 1.3 0.8 Health and Safety Loss time injury f 1.0 0.77 <1.0 <0.77 0.4 0 Total recordable injury f
Slide 99: TGL EHS Success
TGL EHS Success Relationships with Key Stakeholders: • Environmental Protection Agency, - Oil On Cuttings Survey W/Norway - EIA & Public Hearing Process - 40 Consultation meetings (~4000 people) • Ghana Maritime Authority - Exclusion Zones / IMO Charting • Ghana Navy - Patrolling Fishing Boats - Vol
Slide 100: TGL EHS Success
TGL EHS Success People: • Developing local content through recognised EHS qualifications • National Examining Board in Occupational safety and health • Dangerous goods safety advisor • Occupational Health physician • Security liaison specialists • Ghanaians EHS Professionals - 4 EHS Team - 2 GNPC EH
Slide 101: Compliance and Regulations
Compliance and Regulations Environmental Permitting / ‘Licence to Operate’ The Challenge The Approach • Fast Track Project • Collaborative working with Regulators & Key Stakeholders • First Time – for Regulatory Agencies • Sharing examples of other regions – Milestones - Industry Best Practice • Com
Slide 102: TGL EHS Success
TGL EHS Success EHS Programme • Emergency Response and Crisis Management - Regular Training for response teams for identified Scenarios - Oil spill Contingency Planning, modelling of oil spills - Specialist resource and support • Health Management - Malaria Prevention Program • 2Q First quarter free
Slide 103: Oil Spill Response
Oil Spill Response Environmental Oil Spill Response criteria: Old system New System Tier 1 <10bbl Individual company capability Tier 2 >10 <1000bbl National Capability Tier 3 >1000bbl International capability Current Oil Spill Response Equipment: • 2x Afedo dispersant sprayers located offshore • 1x
Slide 104: Learning From Others:
Learning From Others: Main focus by the US Government‟s on BP blowout 2010, Pemex Ixtoc 1979 : • Well development and design Comparison of Historic Oil Spills Additional areas of focus / root causes: With the DWH Incident • Project management OCEAN OIL SPILLS • Contractor management Barrels • Oil Sp
Slide 105: EHS Management going forward (1)
EHS Management going forward (1) • Redundancy in the systems: - Safe systems of work, Emergency response, crisis management • Management of our licence to operate through corporate governance - Independent audit/s - Proactive intervention for operations - Policy, procedures, integrity management, or
Slide 106: EHS Management going forward (2)
EHS Management going forward (2) Achieving Sustainable top quartile EHS performance requires: • Established clear Delegation of Authority with appropriate governance - Financial authority vs Operational authority. • Ensure transparent collaborative hazard identification - Leadership risk management
Slide 107: Commercial Update
Commercial Update Ted Harrigan Ghana Commercial Manager 2010 Capital Markets Event - Ghana Slide 107
Slide 108: Agenda
Agenda • Jubilee Crude Marketing • Domestic Supply Requirement • Gas Market and Infrastructure 2010 Capital Markets Event - Ghana Slide 108
Slide 109: Jubilee – General background
Jubilee – General background Deepwater Tano West Cape Three Points Area: 1108 sq km Area: 1957 sq km PA signed 10 March 2006. PA signed 22 July 2004. Licence effective from: Licence Effective from : 19 July 2006 17 Nov 2004 Partnership: Partnership: Tullow: 49.95 (op) Kosmos (Op): 30.87% Kosmos: 18%
Slide 110: Jubilee – a crude oil with a global reach
Jubilee – a crude oil with a global reach Shipping Flexibility • The FPSO will have the flexibility to load between 0.6 and 1.0 mmbbls of oil • The range will allow full loading of Afra max (0.6 mmbbls) and Suez max (1.0 mmbbls) vessels • The deep draft will also enable the FPSO to co- load VLCC ves
Slide 111: Jubilee Quality
Jubilee Quality 3.5 • Crude Oils are categorised according 3 to API and Sulphur Kuwait Blend (Kuwait) INTERMEDIATE SOUR • API is a measure of 2.5 HEAVY SOUR Kirkuk (Iraq) crude oil density. The lighter (higher API), the Mars better the crude quality Sulphur (%) 2 (US) Arab Light Arab Heavy (Saudi Ar
Slide 112: The Light Sweet Crudes
The Light Sweet Crudes 0.5 0.45 Brent • Jubilee crude is (North Sea) similar to the North 0.4 Sea grades of LIGHT LIGHT SWEET SWEET Ekofisk and Oseberg. 0.35 JUBILEE • Nemba (Angola) and 0.3 JUBILEE (GHANA) Qua Iboe (Nigeria) Sulphur (%) (GHANA) Oseberg (North Sea) Oseberg (North Sea) are the most s
Slide 113: Crude Prices
Crude Prices 6 Hungo (Heavy Sweet) 4 Girassol (Heavy Sweet) Refiners will Differential to Dated Brent ($/bbl) Qua Iboe (Light Sweet) pay more for 2 crude oils with favourable 0 characteristics -2 Jubilee has excellent -4 properties -6 -8 Jan Jul Jan Jul Jan Jul Jan May 2007 2007 2008 2008 2009 2009
Slide 114: Global Crude Qualities
Global Crude Qualities ALASKA NORTH SEA RUSSIA ONSHORE US CASPIAN DEEPWATER US MIDDLE EAST GULF COAST WEST AFRICA • The global crude slate is likely to become heavier and sourer. This should increase the Light sweet crude supply is Sourer, heavier crude supply demand for Light generally in decline (
Slide 115: Domestic Supply Requirement (DSR)
Domestic Supply Requirement (DSR) • As in most international projects the Government of Ghana has the right to purchase Jubilee Crude to meet supply requirements for the country that are not satisfied by the GoG share of production. • DSR to be purchased by GoG at market price. • Jubilee partners an
Slide 116: Domestic Supply Requirement
Domestic Supply Requirement • Crude oil is imported to Ghana for use at Tema and the VRA power station at Takoradi • The DSR is for crude oil consumption in Ghana, not for re-export as crude or products • Product demand growth is likely to continue • Crude demand likely to change in future as - Refi
Slide 117: Crude marketing challenges remaining
Crude marketing challenges remaining • Completion of the Crude Oil Lifting Agreement • Conclude crude Marketing Agreement • Completing the Domestic Supply Requirement procedures • Hydrocarbon Allocation System 2010 Capital Markets Event - Ghana Slide 117
Slide 118: Natural Gas Overview
Natural Gas Overview • Natural Gas - Positive contribution to Ghana‟s economy - Government looking forward to Gas as an economic stimulus - Saving oil by conversion of oil fired power - Stimulate industrial gas demand at gas hubs - GNPC to develop open access infrastructure • Good progress over the
Slide 119: Gas supplies
Gas supplies Gas Refinery (Existing) Power plant (Existing or Planned) Oil field Gas discovery Gas & Oil condensate • Tweneboa ongoing appraisal to assess fluid • Jubilee will • Sankofa, Vitol • Dzala, Lukoil • WAGP supplies gas from Nigeria volumes and supply first 200 gas discovery in gas discover
Slide 120: Current Activities in Jubilee and Tweneboa
Current Activities in Jubilee and Tweneboa Jubilee • Negotiation of gas supply arrangements for Jubilee • More detailed long term gas market review • Co-operation on construction of Jubilee infrastructure - Phased approach being followed - GNPC laying deep water pipe in Q4 2010 - First gas supplies
Slide 121: Markets
Markets Effasu Aboadze (Takoradi) Tema 125 MW installed 550 MW installed capacity 410 MW installed capacity (90 MMscfd) capacity (30 MMscfd) (120 MMscfd) 810MW planned (170 MMscfd) 430 MW expansion 220 MW planned (30 MMscfd) planned (60 MMscfd) TOR refinery Gas Refinery (Existing) WAGP Power plant (
Slide 122: Gas demand - power
Gas demand - power Power Demand GWh 30,000 • Gas demand will be dominated by power generation 25,000 • Some new hydro, but the bulk 20,000 will be gas 15,000 • Currently a shortage of power 10,000 capacity 5,000 • Power is a key area of 0 Government policy 2008 2010 2012 2014 2016 2018 2020 2022 202
Slide 123: Power projects
Power projects • Power generation currently dominated by VRA Plant MW VRA Existing plant • Some existing plants do not Hydro 1170 operate CCGT 330 - Lack of gas supplies Other Thermal 435 - Contractual issues Sub-Total VRA existing 1935 Other existing plant • Hydro has been major source, Balkans bar
Slide 124: Gas demand non-power
Gas demand non-power • Existing industrial demand likely to be limited - Replacement of oil - New small industry around gas hubs • The Government vision includes petrochemical plants - A methanol or fertiliser plant would consume 100-150 MMscfd - Each would need a minimum of 1tcf proven reserves • E
Slide 125: Gas market challenges
Gas market challenges Forward plan • Achieving first Jubilee gas supplies to the Ghana market as quickly as possible • Building a consensus over prices for new supplies - Sufficient to generate a return for existing discoveries and justify proving up of new discoveries - Competitive in the marketpla
Slide 126: Unleashing the potential of our people
Unleashing the potential of our people Festus Anagblah Ghana Human Resources Manager 2010 Capital Markets Event - Ghana Slide 126
Slide 127: Agenda
Agenda Getting the best people for the business Building capabilities for top performance Engaging our people to deliver our promise 2010 Capital Markets Event - Ghana Slide 127
Slide 128: Getting the Best People for the business
Getting the Best People for the business Approach to recruitment to get the best Ghanaians Local professionals with little or no E&P experience – mines etc. Job fairs in Houston to recruit qualified Ghanaians engineers/geoscientists. Graduate trainees from local universities and polytechnics Use of
Slide 129: Getting the best people for the business
Getting the best people for the business Tullow Ghana has a diverse workforce of 257 in-country. Made up of employees, contractors/consultants and secondees. Annual Headcount No. 2007 9 2008 45 2009 209 2010 257 Nationality (In Country) % Expatriates (excl. Contractors/consultants) 13% Ghanaians 87%
Slide 130: Getting the Best People for the business
Getting the Best People for the business Ghanaians Hiring Plan Period Plan Actual End of 2008 45 45 End of 2009 125 127 June 17, 2010 125 154 First Oil (Q4 2010) 150 End of 2010 145-169* End of 2015 150-200* End of 2020 150-200* *Plans are dependant on exploration success and development progress 20
Slide 131: Building Capabilities – Short Term
Building Capabilities – Short Term Industry development for Ghanaians New hires induction programme Basic exploration and production awareness training Cultural awareness training to promote integration of our employees Exploration and production accounting (Levels 1 – 3) Drilling accounting for fin
Slide 132: Building Capabilities – Short Term
Building Capabilities – Short Term Industry development for Ghanaians Trainee production technicians Vocational Qualification 2 from TTE Technical Training Group; offshore survival training & offshore secondment programmes with MODEC in Singapore GNPC Secondees – work placements & MSc programmes 201
Slide 133: Building Capabilities – Short Term
Building Capabilities – Short Term Building on employees‟ competence in current role Objectives setting & performance reviews Coaching & mentoring skills for all supervisors & managers Coaching & mentoring framework developed to support nationalisation plan General skills training - IT, effective wr
Slide 134: Building Capabilities – Short Term
Building Capabilities – Short Term Expats as Mentors Geoscientists Engineers EHS professionals Finance professionals Supply Chain professionals Localisation IT, Corporate Affairs, Legal & HR roles fully localised Expat Facilities Manager role localised as at April, 2010 Expats job shadowing on-going
Slide 135: Building Capabilities – Medium Term
Building Capabilities – Medium Term Transition of responsibility Deputy Shore Base Manager ready to assume Expat Shore Base Manager role Ghanaians ready to take over from expat acountant roles Ghanaians ready to assume expat roles in procurement & contract, aviation, marine, warehouse roles Further
Slide 136: Building Capabilities – Medium Term
Building Capabilities – Medium Term Leadership development EHS leadership skills for Leadership Team (modules 1 - 3) Effective use of e-learning tools by managers to ensure continuous development Continue the development of leaders Further technical development Trainee engineers and geologists makin
Slide 137: Building Capabilities - Long Term
Building Capabilities - Long Term Continuous technical skills development for the future Geoscientists & engineers ready to assume some expat technical roles Ghanaians ready to assume some expat EHS roles Development of „world class‟ technical experts Graduate recruitment/talent pipeline Begin train
Slide 138: Engaging our people to deliver our promise
Engaging our people to deliver our promise Tullow Talkback Employee engagement survey conducted in October 2009 90% of staff participated in the survey 92% of our employees say they will recommend Tullow as a good employer Outcome of survey shared with staff in a series of presentations Areas for im
Slide 139: Social Enterprise in Ghana
Social Enterprise in Ghana Ken McGhee Ghana CSR Projects Manager 2010 Capital Markets Event - Ghana Slide 139
Slide 140: Social Enterprise Approach and Strategy
Social Enterprise Approach and Strategy • Shift away from „handouts‟ to long- term integrated and sustainable social and community investments • Oil and gas resources act as a catalyst for socio-economic opportunities and economic development – Creating Shared Prosperity • Focus on creating a cultur
Slide 141: Principles – Ghana Social Enterprise Projects
Principles – Ghana Social Enterprise Projects • Respect for Ghana‟s socio-cultural diversity • Working in long term progressive partnerships • Environmental awareness • Transparency, honesty and accountability • Stakeholder engagement (Community participation/approval) • Capacity building • Transfer
Slide 142: The story so far…
The story so far… 2010 Capital Markets Event - Ghana Slide 142
Slide 143: Summary of Projects – Tullow
Summary of Projects – Tullow Mandate • Identify, select and implement Tullow‟s own Social Enterprise projects Scope • Nationwide focus • Long-term sustainable impact • Cross-cutting themes • National legacy projects 2010 Capital Markets Event - Ghana Slide 143
Slide 144: Informing and Consulting Communities
Informing and Consulting Communities Community Engagement, Consultation and Information Disclosure • Environmental Impact Assessment (EIA) Process • Social Enterprise strategy and framework • Community investment projects • Project implementation Community Engagement is a continuous activity through
Slide 145: Health and Sanitation
Health and Sanitation Constructed 26 boreholes/water wells • Across 6 coastal Districts • Part of comprehensive water management project with Community Water Sanitation Agency River Blindness Program • 3-year project with Sight Savers International for distribution of Mectizan tablets to over 1000 p
Slide 146: Education
Education Half Assini Secondary School, Jomoro District, Western Region • Refurbished and equipped the physics, biology, and chemistry departments with modern laboratory equipment Tertiary Education Program • University partnerships supporting oil and gas curriculum development and training 2010 Cap
Slide 147: 2010 Jubilee Phase 1 Projects
2010 Jubilee Phase 1 Projects 2010 Capital Markets Event - Ghana Slide 147
Slide 148: Summary of Projects – Jubilee Partnership
Summary of Projects – Jubilee Partnership Projects – Immediate Delivery • Community engagement, consultation and awareness project • Malaria education, prevention and mosquito control • Disease education, minimization and control • Education infrastructure and resources • “First Oil” projects • “Edu
Slide 149: Support Community Facilities for Stakeholder Engagement and Public Education
Support Community Facilities for Stakeholder Engagement and Public Education • Kick-off activity – Provide TVs for community viewing of World Cup matches and future community- based activities • Provide positive framework for future project activity between Jubilee partners and communities • Build o
Slide 150: Conclusions
Conclusions • Strong leadership commitment • Exemplary track record on Social Enterprise projects • Continue to apply new Social Enterprise strategy to community activities • Balancing short term project success with long term project sustainability 2010 Capital Markets Event - Ghana Slide 150
Slide 151: Beyond Ghana
Beyond Ghana Robin Sutherland Exploration Manager – Gulf of Guinea 2010 Capital Markets Event - Ghana Slide 151
Slide 152: Beyond Ghana - Extending the Jubilee Play
Beyond Ghana - Extending the Jubilee Play History • Jubilee – opened a new Turonian stratigraphic play • Odum – Further stratigraphic play in the Campanian • Tweneboa – Extended the Turonian fairway westwards • Venus-1 & Mahogany-1 „book-ends‟ to 1,100 km play • Internal database and experience inva
Slide 153: Play breakthrough in Tano-Ivorian Basin
Play breakthrough in Tano-Ivorian Basin Fan 4 W W SGL E Greater Basin Architecture CI-103 & CI-105 • Jubilee is in the Tano basin in Ghana • South Grand Lahou well drilled in 2009 • Extensional part of the greater Tano-Ivorian Basin • Found excellent reservoir and source rocks • Several Upper Cretac
Slide 154: Expanding into Equatorial Atlantic West Africa
Expanding into Equatorial Atlantic West Africa Where to next • Western part of Côte d‟Ivoire not prospective • Undrilled Liberian basin geologically favourable • Review of 2D data highlighted five blocks First mover advantage – 1H 2009 farm-ins • Two licences in Sierra Leone & three in Liberia Venus
Slide 155: Liberian Basin: Strong resemblance between Cobalt & Jubilee
Liberian Basin: Strong resemblance between Cobalt & Jubilee • Cobalt shows a remarkable resemblance to the Jubilee field • Very similar trapping geometry and an almost identical gas chimney effect 2010 Capital Markets Event - Ghana Slide 155
Slide 156: Extending West African success across to South America
Extending West African success across to South America Oceanic transform fault Equatorial Atlantic Transform Margins Oceanic transform fault Plate tectonics & „Atlantic Twin‟ basins • Final separation of South America and Africa occurred at the end of the Early Cretaceous • Passive margins with simi
Slide 157: Equatorial Atlantic South American Campaign
Equatorial Atlantic South American Campaign French Guiana • Guyane Maritime: Tullow 39.5% operated • Targeting Cenomanian/Turonian turbidites • Drilling planned for Q4 2010/Q1 2011 • Deep water 2,300 m • Acquired 2,500 sq km 3D seismic on Eastern Slope • Farmed out in 2009 to Shell & Total Guyana •
Slide 158: French Guiana – Jubilee analogues in Eastern Slope
French Guiana – Jubilee analogues in Eastern Slope Eastern Slope • Two major systems of turbidite fans • Cingulata fan system (Cenomanian/Turonian) - Jubilee analogue leads & prospects - Priodontes, Dasypus, Zaedyus, Cebus - Focus area for initial exploration campaign - New 3D seismic firms up prosp
Slide 159: French Guiana – 3D seismic reveals Jubilee type fans
French Guiana – 3D seismic reveals Jubilee type fans Structural focus like Turbidite Tano nose feeder canyon Fan systems like Large turbidite Tweneboa-Owo- fans like Jubilee Ntomme • 2,500 sq km 3D seismic survey acquired in 2009/2010 • Very good quality data set with many similarities to the Jubile
Slide 160: Beyond Ghana: Volumes & conclusions
Beyond Ghana: Volumes & conclusions Gross Upside Côte d‟Ivoire 2011 Campaign >600 mmbo Liberia & Sierra Leone 2010/2011 >1,200 mmbo South American Transform Margin >1,700 mmbo • Play breakthrough in Tano-Ivorian basin • First mover advantage being leveraged • Upside potential throughout Equatorial A
Slide 161: Conclusions
Conclusions Dai Jones President and General Manager of Tullow Ghana 2010 Capital Markets Event - Ghana Slide 161
Slide 162: Our Success in Ghana
Our Success in Ghana • Environment, Health and Safety - Excellent record - It will not be compromised, we are ever vigilant • Fast track world class project – from sceptics to believers - Performance, delivery, excellent people • Transformation - Takoradi - Jubilee Field - Accra - London • Relations
Slide 163: Remaining Challenges
Remaining Challenges • First Oil – Safe First Oil - remains the primary focus - Well completions - EPA permit - Hook up and commissioning • Advancing our exploration and appraisal programme • Development of the natural gas market • Managing business risks 2010 Capital Markets Event - Ghana Slide 163
Slide 164: Conclusions
Conclusions • We have world-class projects and a high potential E&A programme • We have a highly effective organisation in place to deliver • We have developed a business and in-country infrastructure for the long term • We work with a supportive Government and an aligned and effective partnership •
Slide 165: Tullow Oil plc
Tullow Oil plc 3rd Floor, Building 11 Chiswick Park, 566 Chiswick High Road London, W4 5YS Tel: +44 20 8996 1000 Fax+44 20 8994 5332 Investor Relations Contact Chris Perry: chris.perry@tullowoil.com 2010 Capital Markets Event - Ghana Slide 165