Tullow Oil plc

World Youth Skills Day is observed annually on 15 July to celebrate the strategic importance of equipping young people with skills for employment, decent work, and entrepreneurship. It also highlights the role of young people in peacebuilding and conflict resolution, aiming to provide them with the necessary skills to contribute to a just, inclusive, and sustainable future for all.

Tullow develops youth skills to deliver on our purpose to build a better future through responsible oil and gas development. Our Shared Prosperity ‘Accelerate Progress through Partnership’ strategy focuses on supporting enterprise, especially agribusiness, and enhancing employability, leading to job creation for young people.

Our approach to projects is to align with national development and community priorities and we support young people in three key areas: transferable skills development, connecting youth to jobs and creating jobs.

Learn more: https://ow.ly/vzcz50SBstG

Empowering Youth, Building Peace: Celebrating World Youth Skills Day World Youth Skills Day is observed annually on 15 July to celebrate the strategic importance of equipping young people with skills for employment, decent work, and entrepreneurship. It also highlights the role of young people in peace-building and conflict resolution, aiming to provide them with the...

For the second year in a row, Tullow donated laptops to four top performing graduates of the International University of Grand-Bassam (IUGB) in Cote d’Ivoire in a ceremony held on 8 June 2024.

IUGB expressed its gratitude to Tullow and the growing number of donors and partners, which is an illustration that private sector can help build capacity in their location of operations.

The graduates of IUGB are now ready to contribute to society's development through their knowledge and commitment to excellence.

We have completed our drilling campaign on the Noble Venturer drill ship, with no recordable incidents 👷

Our commitment to safety and operational excellence underpins everything we do at Tullow.

At Tullow, we believe in building a better future through responsible oil and gas development.

Anthony Clark, our Group Well Engineering Manager, commented on this safety milestone:

“On Sunday, 16th June, we released the Noble Venturer drill ship from its contract in Ghana. It had worked for 1,171 days, drilled 21 deep-water wells without any recordable EHS incidents, and saved over £88m on budgets over the three years.

This achievement is a testament to the hard work, professionalism, and dedication of the Ghana Well Engineering team, supported by our organisation and contractors.

Thank you, and ayekoo to all involved!”🤝

The award ceremony for the winners of the very first edition of the Petrochallenge in Cote d’Ivoire took place on Friday 14 June in Abidjan. The event was organized by Schlumberger (SLB) in collaboration with other partners with the aim of providing a training experience for oil and gas students to become familiar with the oil industry value chain.

Following a very insightful discussion on "Artificial Intelligence: Challenges and Opportunities for Future Engineers" and the results of the competition, Tullow awarded a laptop to each member of the top two teams to support excellence and capacity building in oil and gas industry in Cote d’Ivoire.

Next step on our Net Zero pathway: nature-based solutions in Ghana 🌱

We have formalised a strategic partnership with the Commission Ghana to implement a high-integrity, jurisdictional-based Reduced Emissions from Deforestation and Degradation (REDD+) programme.

This programme is an important milestone on the road to achieve our 2030 Net Zero target for Scope 1 and 2 greenhouse gas (GHG) emissions (on a net equity basis).

The programme will deliver certified carbon offsets in line with our 2030 Net Zero roadmap and is expected to generate up to 1 million tonnes p.a. of certified carbon offsets from c.2 million hectares of land across Ghana's Bono and Bono East regions.

Ghana’s Minister for Lands and Natural Resources, A. Jinapor, praised the partnership during the signing ceremony in Accra, stating: "The agreement we have signed with Tullow, represents a key Voluntary Carbon market transaction, which is very unique, as it promotes direct Government and Private Sector engagement, to accelerate the speed of delivery of ambition and climate finance.”

👉Find out more: https://ow.ly/upCF50RTNUh

Last week we attended the Offshore Technology Conference (OTC), and in collaboration with Marco Serra of Swiss engineering consultancy Engenya GmbH, showcased our distinct approach to improving well productivity and our focus on operational excellence.

The presentation, “Recommended Design Practices for Enhanced Well Productivity in Multi-Zone Completions with Large Variations in Zonal Pressures”, led by Senior Engineer Asaf Nadeem, highlighted our 18-month journey of numerous simulations with changing well environments.

Attendance at the conference enabled us to engage with operators and service providers and discuss and identify opportunities for optimising future implementations.

We’re proud to contribute to the industry’s progress and excited about the potential of these practices to enhance productivity within the sector.

AGM Trading Update:

✅ Full-year free cash flow guidance remains $200-300 million at $80/bbl

✅ Increased access to oil price upside for the remainder of 2024 and 2025 as legacy hedges fully roll off in May 2024 (an increase of $10/bbl across the year to $90/bbl, would generate an additional c.$100 million of free cash flow)

✅ On track to reduce net debt to less than $1.4 billion and cash gearing of net debt to EBITDAX to c.1x at $80/bbl, by the end of 2024

✅ Continued focus on delivery of $600 million free cash flow over 2024 to 2025 at $80/bbl and sustainable free cash flow thereafter

CEO Rahul Dhir commented:

“I would firstly like to thank our investors, host nations and host communities for their support. At the AGM meeting later today, I look forward to reflecting on the substantial progress we have made and the strong outlook for the future as we continue our trajectory to build a unique pan-African platform for growth.”

Find out more here: https://www.tullowoil.com/media/press-releases/2024-agm-trading-update/

We completed a macro socio-economic impact assessment of our activities in Ghana to calculate our net contribution to:

- advancing the Ghanaian economy
- improving life for the people of Ghana.

The assessment, conducted by an external impact and sustainability consultant, demonstrates the strong impact of our local procurement, taxation, employment, livelihoods and skills development during 2023.

Find out more: https://ow.ly/FALT50RBcxB

As we mark another Earth Day, it’s crucial to reflect on the delicate balance between our planet and the impact of plastic waste. 🌎

Humans currently produce more than 350 million metric tons of plastic waste per year. Without changes to current policies, global plastic waste generation is projected to triple by 2060, to a staggering one billion metric tons. That is why at Tullow we aspire to reduce all waste generated by our operations with a goal of achieving zero waste to landfill at all our sites.

Reducing plastic is about more than being a responsible steward of our environment. It is also about supporting our communities in which we operate.

💧 At one of our operations, we installed nine water dispensers to eliminate plastic bottles and provide drinking water for our 180-person crew. This simple change enabled us to avoid waste from more than 291,300 plastic bottles during 2022 and 2023.

🤝 As part of our sustainability strategy and community engagement, we actively facilitated the collection of over 68 tonnes of plastic waste from beaches and coastal areas. Our commitment to cleaner shores benefits not only the environment but also the people who call these places home.

🏝️ As part of the same beach improvement initiative, Tullow facilitated the manufacturing of more than 10,000 sargassum-based hydrofoam bricks from collected sargassum seaweeds that pose environmental challenges and affect fishing livelihoods. These bricks were then used to construct 52 fish smoking ovens for community members.

🗑️ In 2023, we achieved an impressive milestone: 82% of our waste was diverted from disposal (up from 74% in 2022).

But our work doesn’t stop here. As a company building a better future through responsible oil and gas, we recognise that more action is needed, and that is why we are committed to avoiding plastic waste.

We are committed to contributing to Africa’s future through responsible oil and gas development.

- We are partnering with host nations to develop their resources in a low cost, environmentally and socially responsible manner

- Through our focus on shared prosperity, we are delivering benefits which boost local economies and support current and future generations

- We are supporting a just transition and are on track to reduce emissions, while meeting energy demand, helping to reverse energy poverty

- We are well placed to be a steward of Africa’s material resource base

Find out more about our approach: https://ow.ly/EJ3P50RjKpi

It is always a thrill when our support continues to drive local success stories in Ghana's oil and gas sector. In 2021, we played a key role in bringing the first locally-owned marine vessel, MV Flat Confidence, to the offshore waters of Ghana. The contract awarded to Flat C Marine Services highlights the potential for local businesses to thrive in the sector with the right support.