Tullow Oil plc
Annual Report and Accounts 2024
Building a
better future
through responsible
oil and gas development
Strategic report
1 Introduction
2 Tullow at a glance
4 Chair’s statement
6 Chief Executive Officer’s review
10 Investment case
11 Market overview
14 Our business model
16 Our strategy
18 Our KPIs
20 Our stakeholders
22 Section 172 statement
24 Sustainability review
41 Task Force on Climate-related Financial Disclosures (TCFD)
50 Risk management and principal risks
59 Viability statement
61 Financial review
67 Non-financial and sustainability information statement
Corporate governance
70 Chair’s letter
72 Board of Directors
74 Board at a glance
75 Governance framework
76 Board leadership and company purpose
80 Division of responsibilities
81 Composition, succession and evaluation
83 Nominations Committee report
86 Audit Committee report
91 Safety and Sustainability Committee report
93 Remuneration report
113 Directors’ report
117 Statement of Directors’ responsibilities
Financial statements
119 Independent auditor’s report to the members of
Tullow Oil plc
133 Group financial statements
182 Company financial statements
Supplementary information
191 Alternative performance measures
193 Commercial reserves and contingent resources
summary (unaudited) working interest basis
194 Shareholder information
Group working interest production
61.2 kboepd
2023: 62.7 kboepd
Operating cash flow
1
$668m
2023: $813m
Adjusted EBITDAX
1
$1.2bn
2023: $1.2bn
Profit/(Loss) after tax
$55m
2023: $(110)m
Capital investment
1
$231m
2023: $380m
Free cash flow
1
$156m
2023: $170m
Net debt
1
$1.45bn
2023: $1.61bn
Gearing
1
1.3 times
2023: 1.4 times
2024 resultsContents
Read more about
our approach to
sustainability in our
Sustainability Report
which is available at
www.tullowoil.com/
sustainability.
1. The Group uses certain performance measures that are not
specifically defined under IFRS or other generally accepted
accounting principles. These alternative performance
measures are explained on pages 191 and 192.
In this report we include examples of the
work we are doing to build a better business
and create value in a sustainable way.
CASE STUDIES
Tullow is focused on contributing long-lasting
economic and social benefits in Africa through
responsible oil and gas development. To create value
for our investors, host nations and wider stakeholders,
we are continuing to evolve our business to make it
more efficient and financially resilient.
Contributing to Africa’s energy future
Partnering with host nations
We believe Africa has potential to play a growing role in
the energy supply mix and the right to benefit from its
natural resources.
40%
of global new gas discoveries in the
last decade were in Africa
1
.
Supporting a just transition
We are on track to reduce emissions while meeting energy
demand and helping address energy poverty.
Net Zero by 2030
Our strategy to achieve Net Zero by 2030 on our Scope 1
and 2 emissions on a net equity basis.
Sharing prosperity
We deliver economic and social benefits that boost local
economies and support current and future generations.
>$11 billion
revenue to the Government of Ghana from Jubilee
and TEN since 2010.
Harnessing opportunities
We are a responsible developer and well placed to be a
trusted steward of Africa’s material resource base.
>30 billion bbls
proven resources in West Africa
2
.
Introduction
1. Source: www.spglobal.com/commodityinsights/en/market-insights/
latest-news/oil/110821-africa-embraces-gas-in-energy-transition-
debate-amid-fears-of-secure-supplies.
2. Source: www.welligence.com. Welligence proven resources include
producing and undeveloped resources.
Tullow Oil plc Annual Report and Accounts 2024 – 1
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Tullow at a glance
1. As at 31 December 2024.
What we do
We develop, produce and sell oil and gas resources in Africa.
Our business model is described on pages 14 and 15.
Our operations
Our operations are centred on our West African producing assets in Ghana, Gabon
and Côte d’Ivoire. We also have a material discovered resource base in Kenya.
Key facts
Contingent resources
at 31 December 2024
Jubilee
TEN
Gabon
Côte d’Ivoire
Kenya
Reserves at
31 December 2024
Jubilee
TEN
Gabon
Côte d’Ivoire
0.6
Net 2P reserves
164.5
mmboe
102.7
25.2
36.0
Net 2C resources
711.0
mmboe
96.5
103.0
31.4
16.9
61.2
2024 full year production (kboepd)
31
Licences
397
Employees
1
463.2
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Our approach to sustainability
Sustainability underpins our business strategy and our
approach focuses on three core themes which are aligned
with the issues that are most significant to our business,
our stakeholders and the relevant broader United Nations
Sustainable Development Goals (SDGs).
Our strategy
We are working to create a resilient business which
gives us full flexibility to unlock value from our existing
resources and take advantage of organic and
inorganic value-accretive opportunities.
Read more on pages 16 and 17.
Our culture
We aim to create a culture of continuous improvement and excellence in which our
people can flourish and feel recognised, respected and proud of the impact they make.
Our culture and values, which are aligned with our purpose and strategy, underpin
everything we do.
Our purpose
To build a better future through responsible oil and gas development.
Our values
Aim high
Own it
Be true
Operational
excellence
Capital
efficiency
Business growth
Read more on pages 24 to 40.
Our
approach
Achieve
Net Zero
Care for
people
Respect the
environment
Read more about our culture and values
on pages 26 and 29.
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Chair’s statement
“ Through a relentless
focus on cost reduction
and efficiency we have
generated substantial
free cash flow.”
Phuthuma Nhleko
Chair
Free cash flow
1
$156m
2023: $170m
Net debt
1
$1.45bn
2023: $1.61bn
1. The Group uses certain performance measures that are not specifically
defined under IFRS or other generally accepted accounting principles.
These alternative performance measures are explained on pages 191
and 192.
Performance
In 2024 we made good progress against our business
objectives as we continued to build a unique platform
for growth and strengthened our position as a credible,
long-term steward for mature assets in Africa.
In particular, our balance sheet has continued to improve.
Through a relentless focus on cost reduction and
efficiency, we have generated substantial free cash flow
and continued to deleverage the business despite lower
production at our key asset, resulting in a deferral of the
last planned Jubilee lifting into January 2025, and overdue
gas payments from the Government of Ghana.
Net debt
1
reduced to $1.45 billion as at year end 2024
(2023: $1.61 billion), and in November 2024 we successfully
extended our revolving credit facility to the end of June 2025.
This facility extension endorses our strategy and positions
us well as we look to optimise the Group’s capital structure
in the coming year.
The safety of our people and operations is paramount.
It is the cornerstone of our culture and shapes our
behaviour, decision making and priorities. Our strong
safety performance continued during the year. The total
recordable injury rate was 0.21 and there were no lost
time injuries during the year. However the number of
high potential incidents did increase and while no injury
resulted, all incidents were investigated and corrective
and preventative measures put in place. During the
year we also completed our three-year Ghana drilling
programme safely, below budget and ahead of schedule.
Building a better future
We recognise our key role in Africa’s energy transition
and remain committed to working with our host countries’
governments to achieve this.
During the year we undertook a double materiality
assessment which confirmed we are focused on the
right sustainability topics. We also progressed our Net
Zero by 2030 strategy and continued to focus on a
range of sustainable socio-economic initiatives that
deliver value in the communities where we operate.
Detailed information about key developments during
the year is included on pages 24 to 40 and in our
Sustainability Report, which is available at
www.tullowoil.com/sustainability.
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Board changes
In February 2025, Rahul Dhir stepped down as Chief
Executive Officer and Richard Miller, Chief Financial Officer,
was appointed as Interim Chief Executive Officer. The
search for a new Chief Executive Officer is ongoing. On
behalf of the Board, I would like to thank Rahul for his service
and dedication. During his tenure, there has been a step
change in Tullow’s operational and financial performance,
debt has been significantly reduced and the business is
well positioned for future growth.
Our people
Our people are our most valuable asset and they continue
to contribute significantly to the progress we are making.
On behalf of the Board, I would like to thank them for their
dedication, hard work and commitment to upholding
our values.
Conclusion
With Africa responsible for 8% of global oil supply
1
and
recent major gas discoveries, there is much potential for
the continent to play a growing and meaningful role in
delivering energy security and economic growth. As we
focus on building a unique Pan-African platform, our
proven commitment to safety, sustainability, operational
excellence and value creation for all stakeholders positions
us well to partner with host nations as they realise
economic and social value from their resources.
Phuthuma Nhleko
Chair
24 March 2025
SHARING PROSPERITY
Contributing socio-economic benefits
Vokia Farms is one of the first businesses to benefit from
the Tullow Agriventures Programme (the Programme).
Located in Ghana’s Volta Region and currently employing
15 people, Vokia Farms’ primary business activities include
crop farming (specifically maize) and agro-processing,
which transforms indigenous food crops into easy-to-cook
nutritious flour products. Main products include cassava
flour, corn grits and legume cereal mix. The business plans
to use the Programme’s $10,000 loan facility and business
development support to increase production capacity and
significantly scale up its operations.
1. Source: https://publications.opec.org/asb/chapter/show/123/2113/2117.
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Chief Executive Officer’s review
Overview
It is a privilege to be appointed Interim Chief Executive
Officer (CEO). I have been a part of Tullow since 2011 and
I care deeply about the business.
I would like to thank Rahul for his leadership over the past
four years. During his tenure operational performance has
improved significantly and, due to a reduced cost base
and rigorous capital allocation process, net debt
1
has
reduced from $2.81 billion to $1.45 billion. I look forward to
building on the strong foundations that have been laid by
continuing to focus on delivering our transformative plans
for the business in 2025 and beyond.
Key to our plans this year is the refinancing of upcoming
debt maturities to strengthen our balance sheet. The
process to further accelerate our deleveraging pathway
continues with the strong progress towards realising the
accretive cash sale of our Gabonese assets which is
expected to close around the middle of the year.
In January 2025 we successfully resolved our claim in relation
to the assessment of Ghana Branch Profits Remittance Tax
(BPRT). This outcome, which determined that Tullow Ghana
was not liable to pay the $320 million BPRT assessment
previously issued by the Ghana Revenue Authority (GRA)
and will have no future exposure to BPRT in respect of its
operations under its Petroleum Agreements (PAs), affirmed
our long held assessment and confidence in the PAs and
removed a material overhang from our business. We continue
to engage with the Government of Ghana on two further
disputed tax claims, which were referred to the International
Chamber of Commerce (ICC) in February 2023, with the aim
of resolving these disputes on a mutually acceptable basis.
We have a clear plan to unlock material value from Tullow’s
unique pan-African platform. Tullow is a cash generative
business and we are laying the foundations to grow our
reserves base, accelerate our deleveraging pathway and
deliver significant value accretion.
Operational performance
Our commitment to operational delivery is enabling us to
manage our assets effectively. In the first half of 2024 the
Ghana drilling programme was completed safely and
ahead of schedule and resulted in 18 new Jubilee wells
coming onstream since 2021.
2024 was a mixed year from a production perspective. Lower
than anticipated production at Jubilee in the second half
of 2024 was partially offset by strong performance at TEN.
To address decline rates at Jubilee we have introduced a
number of operational process improvements including
power supply upgrades on the FPSO and measures to
improve water injection reliability and increase capacity to
300 kbwpd.
Revenue
$1.5bn
Profit after tax
$55m
“ We have a clear plan in place
to realise Tullow’s potential
and generate value for
all stakeholders.”
Richard Miller
Interim Chief Executive Officer
1. The Group uses certain performance measures that are not specifically
defined under IFRS or other generally accepted accounting principles.
These alternative performance measures are explained on pages 191
and 192.
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Strategic report Corporate governance Financial statements Supplementary information
Group working interest production for 2025 is expected to
be 50-55 kboepd, including c.6 kboepd of gas production
and inclusive of a two-week planned maintenance shutdown
on the Jubilee field in the first half of the year, which will
have a c.4% impact on Jubilee annual production. Two new
Jubilee wells (one producer and one water injector) will be
drilled, starting in May 2025, and are expected to come
onstream in the third quarter of the year.
Ghana
Ghana continues to be the cornerstone of our operations.
During the year, operational efficiency remained high with
average facility uptime across the FPSOs averaging 97%
and a combined average production rate of c.44.1 kbopd
net. Five new Jubilee wells (three producers and two water
injectors) were brought onstream during the first half of
2024, completing the Ghana drilling programme safely,
and approximately six months ahead of schedule.
Gross oil production from the Jubilee field averaged
c.87 kbopd (c.33.9 kbopd net). Production was impacted
primarily by the performance of the J69 producer well,
a lack of pressure communication from water injection,
water injection performance and increased water cut in
certain wells. The FPSO will undergo planned maintenance
in the first quarter of 2025, during which we plan to implement
upgrades to improve the reliability of the power supply and
water injection consistency. Stable water injection combined
with production optimisation activities is expected to
reduce the rate of decline experienced in the second
half of 2024.
Gross oil production from the TEN fields exceeded
expectations, averaging c.18.5 kbopd (c.10.2 kbopd net)
during the year, with Enyenra and Ntomme wells responding
positively to both injection and production optimisation.
We continue to explore options to maximise long term
value from TEN, including a focus on the cost base to
improve economics, and maturing further infill potential.
Net gas production in Ghana averaged 6.0 kboepd in
2024. The Jubilee interim Gas Sales Agreement (GSA)
remains in place until the fourth quarter of 2025 at
$3.00/mmbtu. We are planning to supply TEN gas during
the Jubilee shutdown and continue to progress options
to create a significant long-term revenue stream from the
gas production and discussions continue regarding third
party off-take opportunities.
Discussions with the Government of Ghana are ongoing
in relation to receivables for the exported gas and we look
forward to working with the new administration to settle
the payments.
In 2025 we will undertake a short drilling programme in
Ghana, with a primary focus on reducing natural decline.
Furthermore, the state-of-the-art 4D seismic survey at the
Jubilee and TEN fields will improve our understanding of
the pressure and fluid movement in the reservoirs and is
expected to support at least two further drilling campaigns
on Jubilee within the current licence period, which will
ultimately enable us to book more wells as reserves.
Combined with the upward revision of TEN reserves
related to substantial progress towards a material reduction
in fixed costs, including in relation to the FPSO; and further
4D seismic assisted development drilling, there is a material
opportunity ahead to sustain long-term production beyond
the current life of field.
Optimising TEN production
At TEN, close collaboration between our subsurface
and operations teams, including our wells, reservoir
and facility management colleagues, stemmed
decline and realised significant production rate
increases by ramping up water injection in certain
wells at Enyenra. As a result of this process, which
forces oil towards the well, production from these
wells quadrupled from c.500 bopd at the end of
2023 to c.2,000 bopd by March 2024.
OPERATIONAL EXCELLENCE
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Chief Executive Officer’s review continued
Operational performance continued
Non-operated and exploration portfolios
Production from the non-operated portfolio in 2024 was
10.6kbopd net. The production loss resulting from an
incident at Simba was largely offset by improved production
from the field when it came back onstream, as well as good
performance from other onshore and offshore fields in
the portfolio.
The Simba field in Gabon was shut down following an
incident in March 2024 at the Perenco operated Becuna
Platform, which tragically resulted in fatalities. The operator
resumed operations in August 2024 after putting in place
the necessary operational and engineering controls and
obtaining the necessary regulatory approvals.
In Gabon, the Falcon NE infrastructure led exploration (ILX)
prospect on the DE8 licence will be drilled during the first
half of 2025. The Sarafina ILX well, drilled in 2024, found
hydrocarbons and work is ongoing with the operator to
evaluate the commercial potential.
In Côte d’Ivoire, options to realise value and mitigate capital
exposure at the Espoir field are being explored ahead of
licence expiry in 2026. We continue to assess options
on the way forward for exploration licences CI-524
and CI-803.
In Argentina, we continue to assess options for these
licences whilst mitigating capital exposure.
Decommissioning activities in the Banda/Tiof fields in
Mauritania were accelerated in 2024 and have been
completed ahead of schedule and below budget.
Kenya
Despite the delays associated with securing governmental
approval and a strategic partner, Kenya remains a material
option to drive value and growth and we are continuing to
work with the Kenyan government to seek support for a
Field Development Plan (FDP) and identify a long-term
strategic partner, which is a key milestone to achieve a
Final Investment Decision (FID).
Reserves and resources
At the end of 2024, audited 2P reserves were 164.5 mmboe
(2023: 212.2 mmboe). The reserves reduction includes 22.4
mmboe of Group production during 2024 and a downward
revision in Jubilee. Although recent Jubilee drilling results
have encountered reservoir thicknesses close to prognosis,
water has broken through in certain producing wells earlier
than previously expected. This suggests that there still
remain significant volumes of bypassed oil, which will be
optimally targeted utilising the data produced by the 2025
4D seismic campaign. TEN reserves have been revised
upwards as we progress a material reduction in fixed
operating costs, especially on the FPSO, which extends
the economic lifetime of the asset and facilitates further
potential development through infill drilling.
Senior Leadership Team (SLT)
Our SLT includes our Chief Executive Officer,
Chief Financial Officer and the senior managers
below who are responsible for execution of strategy
and day-to-day management of the business,
including operational performance.
Stuart Cooper
Director of Strategy,
Commercial and
Business Development
Mike Walsh
General Counsel
Madhan Srinivasan
Director of
Non-Operated,
Exploration and Kenya
Julia Ross
Director of People and
Sustainability
Jean-Medard
Madama
Ghana
Managing Director
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Our asset base continues to have significant value, and
as at 31 December 2024, the Group’s audited 2P NPV10
was $2.5 billion.
The Group’s audited 2C resources of 708.6 mmboe at
the end of 2024 (2023: 745.0 mmboe) reflect the material
opportunity we have to mature resources into reserves to
realise sustained long-term production. In 2025, part of the
Group’s material 2C resources are expected to mature into
2P reserves with the support of the ongoing 4D seismic
survey in Ghana and resulting identification of robust
infill targets.
Sustainability
We are committed to building a better future through
responsible oil and gas development. We recognise the
ongoing need for oil and gas in Africa over the coming
decades and we will continue to support our host
countries to develop their natural resources whilst taking
actions to minimise our environmental footprint and create
value for all stakeholders including the communities where
we operate.
As part of the double materiality assessment we
conducted in 2024, we engaged a wide group of
stakeholders to ensure we are focused on the material
economic, social and environmental impacts and issues
that are most relevant to our business. We also refreshed
how we communicate our sustainability approach to
ensure it is clear for our stakeholders.
Our Net Zero by 2030 commitment is a core aspect of our
strategy. During the year we implemented process
improvements and modifications on our FPSOs in Ghana,
and after all engineering works are complete, we expect
routine flaring to be eliminated by the end of 2025.
As announced in July 2024, we have formed a strategic
partnership with the Ghana Forestry Commission to begin
full scale implementation of a nature-based carbon offset
programme. This initiative aims to generate up to one million
tonnes of certified carbon offsets per year to mitigate our
residual, hard to abate emissions. The capability we have
developed in addressing our emissions can also be
applied to other carbon intensive assets across the
continent to support low emission resource extraction.
Our community development programmes focused
on improving education and employability in our host
communities and creating opportunities for local
employment and entrepreneurship. In February 2024, as
part of our new ‘Accelerating Progress Through Partnerships’
community strategy, we announced the first multi-year
Agriventures partnership with Innohub Foundation in
Ghana. This two-year agriculture-focused programme
will find and support entrepreneurs to set up and grow
businesses capable of providing sustainable livelihoods.
To build on our existing commitment to minimise our
environmental impact and protect biodiversity, in 2024 we
set a “No Net Loss” nature ambition and completed a nature
baseline assessment of our operated and non-operated
assets to identify our nature-related impacts, risks and
opportunities. In addition, we have also published our
inaugural Taskforce on Nature-related Financial Disclosures
(TNFD) report.
Outlook
In the year ahead our priorities are to progress our
refinancing plan, optimise our production activities at
Jubilee and TEN, and grow our reserve base. In particular
we are leveraging advanced technologies and innovative
approaches to minimise decline and extend the life of
these fields and we have absolute confidence in the Jubilee
field to deliver material cash flows and provide the business
with optionality for returns and growth, once our net debt
target of below $1 billion is reached.
The repayment of the 2025 Notes combined with our
ongoing work to address our upcoming debt maturities
will continue to strengthen our balance sheet.
In the near term we will maintain our focus on costs and
financial discipline, prioritising high returns and focusing
on investments that add value. As we continue to reduce
our debt and optimise our capital structure, our balance
sheet will grow stronger and we will be well-positioned to
create lasting economic and social value for all stakeholders.
I would like to thank the whole Tullow team for all their hard
work and dedication, they are the driving force behind the
progress we have made in 2024 and they have shown
tremendous resilience in recent months as we have
embarked on additional cost optimisation, including
redundancies associated with streamlining our cost base.
I would also like to thank our shareholders for their
continued support, as we realise the potential of the
business and generate value for all stakeholders.
Richard Miller
Interim Chief Executive Officer
24 March 2025
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Investment case
A compelling
value proposition
1. The Group uses certain performance measures that are not specifically defined under IFRS or other generally accepted accounting principles.
These alternative performance measures are explained on pages 191 and 192.
1
Strong financial and
operational performance.
61.2 kboepd
2024 full year production
2
Cash-generative business.
>$1.2 billion
Free cash flow
1
generation 2020–2024
3
Significant equity value
accretion as debt is repaid.
<$1 billion and 1x
Target net debt
1
and gearing
4
Disciplined approach to
capital efficiency.
Sustainable
Free cash flow
1
5
Building a unique
Pan-African platform.
Optionality for
capital returns
and growth
From organic and inorganic opportunities
Strategic report Corporate governance Financial statements Supplementary information
10 – Tullow Oil plc Annual Report and Accounts 2024
A number of global market
dynamics are shaping how
we do business.
Geopolitics
Global geopolitical tensions are continuing to drive
uncertainty and significantly impact the global economy.
Heightened regional instability as a result of the ongoing
war in Ukraine and conflict in the Middle East is impacting
energy and food security, and driving inflation. Tension
between the US and China, together with an increase in
protectionist trade policies, are impacting global supply
chains, resulting in significant disruptions to the availability
of goods and raw materials, increased costs for businesses
and consumers, and delays in production and delivery times.
Ongoing market uncertainty was elevated by a significant
number of elections that took place in more than 50 countries,
which between them hold almost half of the world’s
population
1
. This included Ghana, our primary country of
operation, where in December 2024 the former President
and leader of the opposition National Democratic Congress,
John Mahama, was re-elected following a peaceful poll.
In addition, new Members of Parliament were elected
across Ghana’s 275 constituencies, shaping the legislative
landscape for the coming term.
Geopolitical tensions are
continuing to drive uncertainty.
We work to build relationships with host nations
and governments. We also have a proven track
record of ensuring business continuity during
political uncertainty, as demonstrated during the
various election periods across our countries of
operation during the past year.
Market overview
HOW WE ARE RESPONDING
1. Source: www.kcl.ac.uk/a-guide-to-who-is-voting-and-when-in-this-historic-year-for-democracy.
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Oil prices
1
Oil prices during 2024 have oscillated in a similar range
to the volatile markets of 2023.
Brent prices rose through the first quarter breaching $90/bbl
in April 2024, as increasingly heightened geopolitical tensions
coincided with the prospect of a tighter supply-demand
balance through the remainder of the year.
There was then a sharp price correction from April
into early June, driven by concerns over the health of
the global economy and oil demand, as well as reports
of progress towards a truce in Gaza. Benchmark crude oil
prices bounced back from six-month lows over the course
of June driven by OPEC+ announcing that unwinding
voluntary production cuts would depend on market
conditions. Prices tumbled sharply lower in July and
August and reached yearly lows in early September, as a
rapid decline in global oil demand growth fuelled a sharp
sell-off in markets. Benchmark prices then bounced
sharply higher in early October, off the back of escalating
tensions between Israel and Iran, and Saudi Arabia and its
OPEC+ allies announcing that the planned unwinding of
voluntary production cuts would be postponed by two
months. Prices eased later in the month as market
attention once again shifted from supply risks to concerns
over the health of the global economy. By mid-November,
prices had fallen to around $72/bbl as fears of an attack by
Israel on Iran’s energy infrastructure faded, and remained
in a $70-$75/bbl range for the remainder of the year.
2024 oil prices oscillated in a
similar range compared to 2023.
Market overview continued
1. All data in this section is taken from the monthly IEA Oil Market Reports available at www.iea.org/energy-system/fossil-fuels/oil.
Oil price movement 2023 v 2024 (Dated Brent)
Hedging forms a key part of our financial risk
management and allows us to protect our revenue
from oil price volatility. Our policy is to protect 60%
of our expected production for the year ahead and
30% of the following year. Additionally, we strategically
select hedging instruments to ensure that at least
60% of our expected production retains exposure
to rising oil prices.
HOW WE ARE RESPONDING
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Climate change and energy transition
2024 was the first year that average global temperatures
reached the 1.5°C limit above pre-industrial levels
1
.
The impact of climate change is having a profound effect
across the globe, particularly in the most vulnerable and
poorest communities in Africa and elsewhere. Although
the African continent contributes less than 3% of global
CO
2
emissions
2
, it is disproportionately affected by climate
change. African countries are losing an average of 2%–5%
of their Gross Domestic Product due to climate change
and are allocating up to 9% of their budgets to address
climate-related challenges
3
.
With the energy sector responsible for approximately 35%
of global emissions
4
, everyone operating in the sector has
a crucial role to play in lowering carbon emissions. Whilst
Net Zero commitments by companies remain in place,
progress towards this has slowed. Several companies have
either revised or scaled back their climate commitments
and reduced investment in low-carbon fuels.
Everyone operating in the energy
sector has a crucial role to play
in lowering carbon emissions.
Fossil fuels such as oil and natural gas are expected to
remain a significant part of Africa’s energy mix, meeting
the demands of rapidly growing populations and industrial
sectors. Delivering this energy with lower carbon emissions
is key for Africa’s energy security and independence.
1. Source: www.wmo.int/news/media-centre/wmo-confirms-2024-warmest-year-record-about-155degc-above-pre-industrial-level.
2. Source: www.iea.org/reports/africa-energy-outlook-2022/key-findings.
3. Source: www.wmo.int/news/media-centre/africa-faces-disproportionate-burden-from-climate-change-and-adaptation-costs.
4. Source: www.un.org/en/actnow/facts-and-figures.
Our purpose is to build a better future through the
responsible development of oil and gas. In support
of global targets to reduce emissions, we continue
to implement our Net Zero by 2030 strategy. We
recognise the importance of meaningful engagement
with a wide spectrum of stakeholders to address
the complexity of the energy transition, and we
regularly engage with host countries to understand
their long-term climate change strategies.
In 2024, we formed a strategic partnership with the
Ghana Forestry Commission to reforest approximately
two million hectares in Ghana’s Bono and Bono East
regions and offset hard-to-abate carbon emissions
in line with our 2030 Net Zero roadmap.
Further detail about our Net Zero by 2030 strategy
and progress to date is included on pages 35 to 37.
HOW WE ARE RESPONDING
Tullow Oil plc Annual Report and Accounts 2024 – 13
Strategic report Corporate governance Financial statements Supplementary information
Our business model
Building a better future through responsible oil and gas development is our purpose
and ensuring that we generate value for all our stakeholders shapes our business
model and strategy.
What we do
Produce and sell
We responsibly produce oil and gas
from our West African assets and sell
to international and domestic markets.
Develop and explore
We invest in further development and
exploration around our existing fields
to maintain and grow production.
Harness opportunities
We seek opportunities to bring
undeveloped resources to production
and acquire existing producing fields
to grow and diversify our business.
Our resources and relationships
Experienced and skilled
employees
Attractive asset
portfolio
Responsible operator
Trusted partner
Dependable supply
network
Financial resources to
fund growth
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The value we create
Our people
397
Employees
1
Employment, competitive compensation and
benefits, and development opportunities.
+13,000
Training and development hours in 2024
Host communities and governments
$3bn
Total direct socio-economic contribution
in the last five years
Economic growth and sustainable development
through enterprise and skills development to
enhance employability.
Investors
Compelling value proposition
$156m
2024 free cash flow
2
Suppliers
$0.96bn
Spend with local suppliers in last five years
1. As at 31 December 2024.
2. The Group uses certain performance measures that are not
specifically defined under IFRS or other generally accepted
accounting principles. These alternative performance
measures are explained on pages 191 and 192.
How we operate
Ethical approach
Our values-led culture ensures we do
what is right and promotes a culture
of openness, performance and
continuous improvement.
Partnership
To succeed we must build trust
and deliver positive outcomes for
all stakeholders.
Growth strategy
We focus on:
Operational
excellence
Capital
efficiency
Business
growth
Sustainability
Our sustainability approach underpins
our strategy.
Our
approach
Achieve
Net Zero
Care for
people
Respect the
environment
Read more about our culture, strategy and
sustainable approach on pages 24 to 40.
Tullow Oil plc Annual Report and Accounts 2024 – 15
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Strategy in action
Leveraging
operational excellence
Our cross-functional engineering and operational
teams are increasingly using a data-driven approach
and specialist engineering simulations to reduce
downtime and unscheduled outages across our
producing assets. This approach has significantly
improved both power reliability and water injection
capacity and has contributed to production
efficiency of 98% in 2024 compared to
96% in 2023.
All operational disruptions are now automatically
analysed to determine and assess cause, and new
processes are developed to avoid recurrences.
For example, recognising the criticality of water
injection and the dependency of other equipment
on it, we now align planned outages on seawater
injection with outages across power generation
systems to ensure water injection and power
generation are operating at the same time at
optimal levels.
OPERATIONAL EXCELLENCE
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Our strategy supports the fulfilment of our purpose.
It is focused on the themes detailed below, which aim
to drive growth and create value for our stakeholders.
Read more about our KPIs on pages 18 and 19.
Read more about our principal risks on pages 54 to 58.
Our strategy
Our strategic themes
Operational
excellence
Link to KPIs:
1
2
3
5
6
7
Link to principal risks:
1
2
6
8
10
• Operating in a safe, efficient and
sustainable way at all times.
• Promoting an inclusive performance-
driven culture focused on continuous
improvement that empowers employees.
• Building a track record of
consistent top--tier operating
capability and performance.
• Leveraging our engineering, technical
and subsurface expertise to realise
operating efficiencies and maximise
return on investments.
Capital
efficiency
Link to KPIs:
2
4
6
7
Link to principal risks:
3
7
• Operating within a strict cost framework.
• Allocating capital in a disciplined way
focused on delivering investor returns
and capital to fuel our growth plans.
• Generating sustainable free cash flow
to reduce net debt to less than $1 billion
and gearing to under 1x in the near term.
Business
growth
Link to KPIs:
4
5
6
7
Link to principal risks:
1
3
4
5
9
• Growth from our existing assets,
including new production from
discovered resources, production
from undeveloped parts of fields
and near-field exploration.
• Leveraging our deep expertise to
identify low-risk investments with
potential for fast commercialisation,
high returns and rapid payback.
• Leveraging our strong reputation
as a trusted partner and ethical
and responsible operator to secure
value-accretive opportunities
to diversify our asset base.
Evolving Tullow
2020–2022
Turnaround
and investment
• Strategy shift to production
• Portfolio rationalisation
• Debt refinancing and reduction
• Capital discipline
• Cost reductions
• Operations transformation
• Board changes focused on
emerging markets expertise
2023
‘Inflection point’
• Jubilee South East startup
• Material step-up in free cash
flow in second half
• Clear deleveraging pathway
• Commercialisation of
Ghana gas
• Portfolio optimisation
• Demonstrate access to capital
2024+
Pan-African platform
• Production delivering
sustainable cash flow
• Progress long-term revenue
stream from Ghana gas
• Optimise capital structure and
reduce net debt
• Organic growth through
infrastructure-led exploration
• Kenya potential value option
• Inorganic opportunities
• Opportunity for equity value
accretion on core business plan
Tullow Oil plc Annual Report and Accounts 2024 – 17
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Our KPIs
We measure our performance using the financial and non-financial metrics detailed below.
These metrics are used to determine performance-related rewards
1
across the Company
ensuring that remuneration and delivery of our strategy are aligned.
The operational and financial metrics below (our 2024 corporate scorecard) reflect our strategic priorities. Their purpose
is to drive performance and provide a clear measure of progress achieved during the year. As part of our remuneration
arrangements, at the start of each financial year we set targets and weightings in relation to each metric. Further detail
in relation to each performance metric and the targets set for the financial year ended 31 December 2024 are set out on
page 96 and pages 99 to 102.
Performance metric Why we measure this 2024 performance
1
Safety
Ensuring a safe working environment
is always our first priority.
One recordable injury.
Two Loss of Primary Containments (LOPCs)
at Tier 1. One Tier 2 LOPC.
2
Financial
performance
(Cost and working
capital management)
Helps determine how effectively we are
deploying our strict cost framework and
our progress in maintaining cost discipline.
Normalised operating cash flow at $526 million.
Gearing at 1.3x.
3
Production
Maximising oil production and revenues
is critical if we are to continue to
deleverage our business and deliver
our targeted material cash flow over
the next two years.
Group oil production at 54.7 kbopd. Jubilee
production efficiency
2
at 83%; TEN production
efficiency
2
at 100%. Jubilee water injection
efficiency at 76%.
4
Business plan
implementation
Effective implementation of our capital
investment programmes underpins our
strategy and ensures capital efficiency.
Drilling efficiencies enabled the Jubilee 2024
wells to be drilled below budget. Additionally,
we accelerated the Mauritanian
decommissioning operations and
delivered significantly under budget.
5
Sustainability
If we are to fulfil our purpose, we must
mitigate the impact of our operations
while generating social and economic
benefits for our host nations and
other stakeholders.
Significant progress was made across all
areas of ESG. In particular we finalised the
contractual requirements in relation to the
carbon offset project in Ghana, continued
investment in social projects in our countries
of operation and set a new No Net Loss
ambition level for nature.
6
Unlocking value
Provides laser focus on key strategic
operational projects.
Performance assessment focused on seven
critical actions including successful outcome
in the BPRT arbitration, extension of the
interim gas sales agreement in Ghana
and positioning for future refinancing.
7
Leadership
effectiveness
Ensures we have the right balance
of skills, experience and knowledge
to deliver our strategy.
Supported by the hard work and dedication of
the entire Tullow team, the SLT worked
cohesively to ensure continued operational
delivery.
1. Our scorecard also includes a relative total shareholder return performance metric which makes up 50% of the total and only applies to Rahul Dhir,
who stepped down from the Board on 14 February 2025 (see page 102).
2. Production efficiency refers to the ratio of actual produced oil to the theoretical maximum capacity of the production system (reservoir to wells
through facilities to export).
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5%
5%
5%
Targets and performance
Set out below are overviews of the targets and performance achieved in 2024 and the two prior years.
2022 corporate scorecard
Safety Financial performance Production Business plan implementation Sustainability
Unlocking value Leadership effectiveness
Target
%
1.9% 6.3% 4.8% 3.2%5.6% 2.6%5.6%
Achieved
%
2023 corporate scorecard
Safety Financial performance Production Business plan implementation Sustainability
Unlocking value Leadership effectiveness
Target
%
5% 2.2% 2.7% 3.8%3.8% 4.2%4.9%
Achieved
%
2024 corporate scorecard
Safety Financial performance Production Business plan implementation Sustainability
Unlocking value Leadership effectiveness
Target
%
4.8% 2.6%3.8% 4.7%
5% 10% 10%7.5% 5%7.5%
6.4%
Achieved
%
5% 10% 10%7.5% 5%7.5%
5% 10% 10%7.5% 5%7.5%
1.2%
1.5%
Tullow Oil plc Annual Report and Accounts 2024 – 19
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Our stakeholders
Recognising the needs and priorities of our stakeholders and fostering
strong, positive relationships are fundamental to our success.
Enhancing capabilities
The Tullow Supplier Mentorship Programme continues to enhance
the capability of service providers in Ghana’s oil and gas sector.
Read more on page 33.
HOW WE ENGAGE
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Our key stakeholders and how we engage with them
Colleagues
Enable us to deliver
our strategy
Host governments
and communities
Live and operate
where we do business
Investors
and lenders
Provide capital
Suppliers
Support our
business activities
ESG experts, NGOs
and industry peers
Share best practice
What matters to them
• Safe working.
• Fair compensation
and benefits.
• Values-based culture.
• Regular and timely
business updates.
• Development
opportunities.
• Responsible operator
of national assets.
• Revenues and taxes
from operations.
• Socio-economic
investment and support.
• Consultation on
operational initiatives.
• Strategy and delivery.
• Sustainable returns.
• Regular communication
and transparency.
• Strong ESG
performance, particularly
management of climate
change impacts.
• Long-term relationships.
• Safe working.
• Fair terms.
• Local content
investment.
• Safe and
sustainable operations.
• Input into industry debates
and consultations.
• Proactive engagement
in relation to issues.
Group-level engagement overview
• Town hall and
team meetings.
• Leadership
coffee mornings
and brunches.
• Engagement surveys.
• Employee advisory
forums (the Employee
Engagement Forum
and the Tullow Advisory
Panel (TAP)).
• Proactive engagement
with government officials.
• Regular interaction
via our local Social
Performance teams.
• Regular surveys,
advocacy and
industry collaborations.
• Investor relations
(IR) programme
including regular
updates and roadshows.
• Frequent group and
one-on-one meetings.
• Participation in
industry conferences.
• Regular
commercial dialogue.
• Quarterly key supplier
performance reviews.
• Supplier training events
in relation to our
business requirements.
• Industry trade
association corporate
memberships including
the Extractive Industries
Transparency Initiative.
• Participation in
ESG-focused and
other industry events
and conferences.
• Participation in technical
peer-to-peer events.
Board-level engagement overview
• Quarterly meetings
with the TAP.
• CEO and CFO town
hall meetings with
employees, including
open Q&A sessions.
• Chair and CEO meet
with national government
representatives.
• Regular Social
Performance team
Board updates.
• Annual General Meeting.
• Chair and Senior
Independent
Director meet
with shareholders
as required.
• Regular Board
updates on IR
programme, including
investor feedback.
• Chair, CEO and CFO
meet with supplier
counterparts to assess
performance and
build relationships.
• Board oversees
sustainability strategy.
• Regular Board
updates on relevant
ESG developments.
Outcomes
• The 2024 employee
survey had an average
positive score of 70%.
• Positive employee
feedback on
Board engagement.
• $731 million direct socio-
economic contribution.
• Community programmes
focused on education,
skills development and
entrepreneurship.
• Progressed nature-based
offset programme
with the Ghana
Forestry Commission.
• Continued positive
engagement with
and support from
shareholder base.
• Extension of
revolving credit facility
demonstrating continued
bank support.
• Progressed Net
Zero strategy.
• Ethical procurement.
• Responsible
business practices.
• Motivated suppliers
performing to
high standards.
• Cost-effective and
efficient procurement.
• Updated sustainability
approach.
• Increased human
rights awareness.
• Developed nature
roadmap and ambition.
• Published disclosures in
line with TNFD framework.
See pages 28 to
30.
See pages 31 to 34. See page 23. See pages 31,
33 and 34.
See pages 24 to
40.
Tullow Oil plc Annual Report and Accounts 2024 – 21
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Section 172 statement
The Directors are required by law
to act in a way that promotes the
success of the Company for the
benefit of shareholders as a whole.
During the year ended 31 December 2024, the
Board has acted in accordance with Section 172(1)
(a) to (f) of the Companies Act 2006, with each
Director acting in the way they consider, in good
faith, would be most likely to promote the success
of the Company for the benefit of its members
as a whole. In doing so, the Directors had regard
to the interests of other stakeholders, whilst
maintaining and overseeing high standards of
business conduct. Information about our key
stakeholders and how we engage with them
is set out on the previous page.
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Strategy key
Operational excellence Capital efficiency Business growth
Example, link to strategy,
stakeholders considered Outcome
Implementation of updated Code of Ethical Conduct
Our success is dependent on building trust and
at all times doing what is right, acting responsibly
and making safety a paramount consideration.
The Board reviewed the Group’s current policies
on ethical and legal requirements and assessed
the existing culture against the desired culture it
aims to embed throughout the Group. As part of
this assessment, the Board took into account
the changing regulatory landscape for listed
companies and the jurisdictions we operate in.
Stakeholders: Investors and lenders, Colleagues,
Host communities and governments, Suppliers
In October 2024 the Board approved an updated Code
of Ethical Conduct (the Code). This Code, which applies
to all our operations and is aligned with the Group’s core
values, sets out how employees and other key stakeholders
are expected to act in their daily working lives. The Code
also provides details on how to report any actual or
suspected wrongdoing via both internal speaking-up
channels and an independent speak-up service.
A copy of the Code is available at www.tullowoil.com/
about-us/corporate-governance/code-ethical-conduct.
Progress on Net Zero pathway
We are committed to minimising our environmental
footprint and to creating value for all stakeholders.
In May 2024, the Board considered the formalisation
of a strategic partnership with the Ghana Forestry
Commission to implement a high-integrity,
jurisdictional-based Reduced Emissions from
Deforestation and Degradation programme.
Stakeholders: Host communities and
governments, Colleagues, Suppliers, ESG experts
As part of its consideration, the Board took into account
the $90 million investment required over the next decade.
As the project supports the Group’s Net Zero by 2030
strategy by addressing hard-to-abate residual emissions
and will have a positive socio-economic impact in Ghana,
the Board approved the arrangement. Further information
about the project is included on page 37.
Revolving credit facility extension
Capital efficiency and optimising our capital
structure is a strategic priority. In November 2024,
the Board considered the appropriateness of seeking
an extension to the Company’s revolving credit
facility (RCF) to the end of June 2025, while at the
same time progressing the Group’s refinancing plans.
Stakeholders: Investors and lenders
Following consideration, the Board approved the
proposal to seek an extension of the RCF, taking into
account a number of factors including the resulting
reduction of overall financing costs and the provision
of sufficient liquidity headroom. Subsequently in
November 2024, the RCF was extended to the end
of June 2025.
Read more about our strategy
on pages 16 and 17.
Set out below are a number of examples which illustrate how the Directors have fulfilled their duties.
Tullow Oil plc Annual Report and Accounts 2024 – 23
Strategic report Corporate governance Financial statements Supplementary information
Sustainability review
Our sustainability approach is built around three themes: people, climate and nature.
It is a core part of our corporate strategy and guides us in managing our material social
and environmental impacts, risks and opportunities.
Our sustainability approach
We continue to evolve and align our sustainability approach
with our purpose and to seek opportunities to embed
sustainability thinking and practice as core elements
of the way we do business.
In 2024, we undertook a double materiality assessment
to identify our impact on the environment and society
(inside-out perspective) and the impact of these factors
on our organisation (outside-in perspective). The assessment
was undertaken with reference to EFRAG IG 1 Materiality
Assessment Guidance, GRI 3: Material Topics 2021 and
SASB EM-EP (Oil & Gas Exploration & Production) Standard.
Key elements of the process included:
• Sustainability landscape analysis to develop a universe
of sustainability impact topics. The areas analysed
included sustainability disclosures and material priorities
of 29 companies, 26 of which operate in the oil and gas
sector; priority topics highlighted by global sustainability
standards and frameworks, ESG ratings and investment
reports; industry trends; and our business strategy,
enterprise risk management outcomes and human
rights saliency assessment. Overall, more than 330
topics were identified and more than 40 were prioritised.
• Internal consultation including a survey across a
selected group of employees and members of the
extended leadership team and four internal workshops
to review topic definitions and evaluate impacts.
• Development of sustainability-related financially material
impacts using our enterprise risk management process.
• External validation across a range of stakeholders
including JV partners, investors, bankers and lenders,
suppliers and Ghana’s host community representative
groups via surveys and meetings.
• All feedback was carefully reviewed and the 13 areas
detailed in the material topics graphic on the following
page were identified as representing our key
sustainability-related impacts, risks and opportunities.
We have refreshed how we communicate our approach
to sustainability to take account of the material topics, with
the aim of ensuring everyone can easily understand what
we do and why. Our sustainability approach addresses our
material economic, social and environmental impacts, risks
and opportunities and is built around three interrelated
sustainability themes: people, climate and nature (see
below), which are aligned with the issues that are most
relevant to our business, our stakeholders (see page 21)
and the relevant broader United Nations Sustainable
Development Goals (SDGs). These sustainability themes
and material topics are underpinned by robust corporate
governance and responsible business conduct, both of
which continued to be deemed material from an impact
and financial standpoint.
“ The double materiality assessment and our engagement with
internal and external stakeholders reconfirmed the sustainability
topics that are most important to the business and our
stakeholders. We sought to simplify how we frame those
sustainability topics to ensure that they are well understood
and have grouped them under three core themes: people,
climate and nature.”
Julia Ross
Director of People and Sustainability
Our
approach
Achieve
Net Zero
Care for
people
Respect the
environment
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Our sustainability themes
Care for people
• Consider the needs of all people touched by our business, including our workforce, communities in our host countries
and our supply chain.
• Focus on creating an inclusive culture and local workforce, promoting health, safety and wellbeing.
• Assure the integrity of our assets and maintain process safety.
• Respect human rights both in our Company and across our extended supply chain.
• Manage our impacts on people and build trusting and respectful relationships through engagement and proactive collaboration.
• Contribute to socio-economic development through investment in skills, entrepreneurship and supplier capabilities.
Achieve Net Zero
1
• Eliminate routine flaring in our operations to reduce greenhouse gas emissions.
• Advance incremental operational efficiencies to minimise energy consumption and adopt clean energy solutions where possible.
• Invest in nature-based solutions to offset hard-to-abate residual emissions.
Respect the environment
• Mitigate our environmental impacts through effective management systems.
• Minimise impact from overuse of materials, waste and pollution.
• Enhance biodiversity practices and protect ocean health through proactive monitoring and conservation activities.
1. Achieve Net Zero in our Scope 1 and 2 net equity emissions.
Our material topics
Care for
people
• Prioritise occupational
health and safety
• Assure asset integrity
and process safety
• Attract, retain and
develop talent
• Advance inclusion and diversity
• Respect human rights
• Manage impacts on
host communities
• Contribute to socio-economic
development
SDG alignment:
Achieve
Net Zero
• Decarbonise our assets • Invest in nature-based
solutions for carbon offsets
SDG alignment:
Respect the
environment
• Reduce material use,
waste and pollution
• Enhance biodiversity and
ocean health
SDG alignment:
The material topics listed above are not ordered based on levels of materiality. Further information about our double materiality
assessment and how we are progressing our sustainability programmes is available at www.tullowoil.com/sustainability.
Governance
Promote robust corporate governance Maintain responsible business conduct
Tullow Oil plc Annual Report and Accounts 2024 – 25
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Governance, ethics and compliance
Robust governance and responsible business
conduct underpin everything we do and are
key elements of our sustainability approach.
Both topics are deemed material for our
business, and we are committed to the
highest standards of corporate governance,
ethics and compliance.
Promote robust governance
The Board oversees our overall sustainability activities,
impacts and risks. Updates on sustainability-related topics,
including progress against our sustainability framework
and targets and overall performance reviews, are
discussed at every Board meeting. The Board’s annual
strategy review includes presentations on ESG trends
and regulatory updates provided by external experts.
In 2024, the Board considered and reviewed the findings
of the double materiality assessment and subsequently
reviewed and approved our refreshed sustainability
approach. The Safety and Sustainability Committee
supports the Board in directing our sustainability approach
and targets and oversees their implementation. Further
information about our sustainability governance processes
is included on pages 91 and 92.
Maintain responsible business conduct
Our values and our Code of Ethical Conduct (Code)
govern the way we do business and convey a clear
message to our employees, contractors, supply chain
partners and external stakeholders about our approach
to ethical standards, anti-corruption, compliance and
human rights. Our Code was updated during the year
(see page 23) to include changes to reflect Tullow’s
evolving requirements, new legislation and expectations
of external stakeholders plus expanded content on human
rights, fraud, due diligence and use of artificial intelligence
(AI). The Code and supporting policies are available at
www.tullowoil.com/about-us/corporate-governance.
In 2024, every Tullow permanent employee completed
our mandatory annual online Code training, which
requires self-certified disclosure of their compliance
with ethics and compliance controls.
Our Ethics and Compliance Ambassador programme
plays a vital role in promoting our ethical culture. Currently,
13 volunteers from different functions and regions serve
as focal points and trusted advisers to their colleagues
on all matters relating to our Ethics and Compliance
programme. All Ambassadors receive training and the
group meets monthly for discussion, including deep dive
learning on a specific topic.
In 2024, we engaged external advisers to conduct an
Enterprise-Wide Fraud Risk Assessment to identify fraud
risks across nine Company departments, map relevant
fraud controls to the risks, and assess the design
effectiveness of the controls to mitigate the risk of fraud.
This work is part of our readiness for the new corporate
criminal offence of ‘failure to prevent fraud’, which was
introduced as part of the Economic Crime and Corporate
Transparency Act 2023 and is scheduled to come into
force in 2025. Overall, our residual fraud risk rating was
judged to be low.
Assurance
Quantitative data in this section relates to the 2024 calendar year and covers our global operations unless otherwise
stated. Greenhouse gas (GHG) emissions reporting includes our operated and non-operated assets. Descriptions of
data collection methodologies and notes to reported metrics are available in our GHG Emissions Scope & Calculation
Methodology and Basis of Reporting documents, which are available at www.tullowoil.com/sustainability. GHG
emissions and other ESG data from our operated assets have been externally assured by Integrated Reporting
& Assurance Services, and the Assurance Statement is also available at www.tullowoil.com/sustainability.
Sustainability review continued
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We encourage our colleagues, suppliers, contractors and
business partners to speak up if they observe, or think they
observe, behaviour which they believe is not in alignment
with our Code, and remind them that reports can be made
anonymously without fear of reprisal. Reports can be
made via internal channels or to our independent, external
reporting mechanism, which is available 24/7 in multiple
languages. All reported cases are reviewed and investigated
by our Ethics and Compliance team, and updates are
provided to the Audit Committee and the Board.
During 2024 we continued to raise awareness of our
speak-up reporting channels and to remind employees
of our policies by sharing outcomes and learnings from
appropriate investigations. We also further promoted our
reporting channel to third parties, including posters and
wallet in operational areas. As a result of internal and
third-party awareness, speak-up reports increased to 40
in 2024 (2023: 22). All cases were investigated and none
warranted dismissal of staff.
Information security and data privacy
Our business relies on strong defences against digital
threats which pose a risk to our business continuity.
Similarly, we are committed to protecting the privacy
of all those who entrust us with their personal information
through robust digital controls and detailed privacy
procedures, authorisation hierarchies and training.
Our information security strategy comprises both information
technology and digital security, and is aligned to ISO 27001
Information Security Management Standard and the
National Institute of Standards and Technology (NIST)
framework. We apply industry best practice, supported
by ongoing intelligence and risk management through
our enterprise risk management system, and we implement
a number of processes to mitigate the risk of a major cyber
security incident (see page 58).
Disclosing our tax contributions
We are committed to openness and transparency in all
our business dealings. We have supported the Extractive
Industries Transparency Initiative since 2011, and we
remain committed to providing our stakeholders with
details of our annual taxation contributions, which we
believe helps to promote honesty in our industry, mitigate
corruption and encourage inclusive development. Our
annual Payments to Government Report, which provides
details of our mandatory and voluntary tax disclosures,
will be published later this year.
In the past three years
(2022–2024), we have paid
$1.04 billion to the Ghanaian
government
1
and purchased
goods and services from
suppliers in Ghana totalling
$0.58 billion.
Summary of our
contributions ($ million) 2024 2023 2022
Total global payments to
governments including
payments in kind
2
538 492 468
Total payments to the
Ghanaian government
including payments in kind 384 319 341
Direct socio-economic
contribution including
mandated and discretionary
payments to all stakeholder
groups including
governments, suppliers and
communities 731 713 645
1. Payments to the Ghanaian government including payments in kind over
the past three years.
2. Payments in kind comprise royalty payments made in the form of barrels
of oil and exported gas allocated to government as economic rent.
2024 Speaking-up cases
Third party: 6
Dishonest behaviour: 12
Human resources: 8
Breach of internal
procedures: 12
Environment, health & safety: 1
Worker welfare and
human rights: 1
Total cases
40
Tullow Oil plc Annual Report and Accounts 2024 – 27
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Care for people
Our employees, together with our
contractors, host communities, suppliers
and other business partners play a key
role in our business. Our priority is to
ensure a safe working environment
and a values-led, inclusive culture.
Prioritise occupational health and safety
Our strong positive safety performance continued in 2024.
We recorded no lost time injuries, however, nine high
potential incidents (HiPos)
1
during the year served as a
reminder of the risks our workforce face and the need
for continuous vigilance.
Occupational safety
performance
2
2024 2023 2022
Total Recordable Injury
Rate (TRIR) 0.21 0.20 0
High Potential Incident
Frequency (HiPoF) 1.85 0.6 1.56
1. HiPos are defined as any incident or near miss that could, in other
circumstances, have realistically resulted in one or more fatalities.
2. Our data collection methodologies and notes to reported metrics
are available in our Basis of Reporting document.
The single recordable injury in 2024 was a minor cut
sustained by a member of the catering staff, which
required medical treatment. All injuries and incidents,
including HiPos, were fully investigated and corrective
actions were taken to prevent recurrence.
It is imperative that everyone who works at our sites or
supplies materials or services to our facilities has a full
understanding of our safety procedures and knows our
requirements. Throughout the year we continued to
reinforce safety training and procedures to further
embed a culture of safety across our operations. Our 2024
Health and Safety Contractor Forum, which focused on
operational excellence and its interface with environment,
health and safety matters, was attended by more than
70 representatives of contractor companies, who shared
experiences and insights during the event.
We invest in employee wellness and during the year our
ongoing Global Wellness Agenda included a wide variety
of topics including neurodiversity, financial wellbeing,
mental wellbeing, workplace burnout and physical activities
such as the Tullow Sports Day and onsite health checkups.
Employees engage in different wellness activities, which
are highly appreciated by employees and contribute to
motivation and productivity at work. Employees received
a ‘Wellness Afternoon Off’ to support their wellbeing. In
addition, towards the end of the year employees enjoyed
a ‘Tullow Appreciation Day’, a day of paid leave offered to
all employees as an appreciation for their hard work
during the year.
More than 2,900 instances
of employee participation in
more than 20 global wellness
events in 2024, amounting
to, on average, each colleague
participating in 7 events during
the year.
2024 overview
• 0.21 Total Recordable Injury Rate across
our global operations.
• Two Tier 1 process safety Loss of Primary
Containments (LOPC) and one Tier 2
LOPC incident.
• 25% women in senior management
(2023: 21%).
• 81% localisation in Ghana on track to
achieve our target of 90%.
• $731 million total socio-economic
contribution in our host countries,
bringing total five-year socio-economic
contribution to $3 billion.
• $538 million paid to governments in host
countries including payments in kind.
• $1.2 million distributed in small loans to
over 3,680 beneficiaries through our
Fisherman’s Anchor Project.
• c.20,000 households benefit from our
water distribution in Kenya.
• 5,900 students accessed educational
activities in Ghana and Kenya.
• Launched Tullow Agriventures that aims
to create 1,500 direct jobs in Ghana over
two years.
• Launched the Tullow Supplier Access
to Finance initiative to support small
business development in Ghana.
• Over 850 participants from local
companies attended training workshops
in Ghana hosted by the Petroleum
Commission/Tullow Business
Academy Partnership Initiative.
SDG alignment
Sustainability review continued
28 – Tullow Oil plc Annual Report and Accounts 2024
Strategic report Corporate governance Financial statements Supplementary information
Assure asset integrity and process safety
To ensure the safe, reliable and efficient operation of our
facilities, and to protect the wellbeing of our workforce,
we take a proactive approach to asset integrity and process
safety management. Our Operations Management System
provides a framework for the management of asset
integrity and process safety with the aim of maintaining
a safe working environment with minimal risk to people,
the environment and our business.
In 2024, we continued with our planned maintenance and
integrity activities in support of asset integrity and process
safety. We ended the year with two Tier 1 and one Tier 2
LOPC incidents, none of which represented a major safety
risk to people.
Process safety events 2024 2023 2022
Tier 1 2 0 0
Tier 2 1 3 1
Total 3 3 1
The Tier 2 LOPC was caused by a pipework failure resulting
in gas release, and the two Tier 1 LOPCs were due to
mechanical failures resulting in oil releases to the sea.
All incidents were subjected to full investigations and the
Tier 1 incidents were also reviewed with the Ghana
Environmental Protection Agency and corrective actions
were taken to prevent recurrence.
Three incidents (the two Tier 1 LOPCs and an HiPo
incident) were considered by the regulator as non-
compliant with certain permit conditions and a fine of
$413,000 was imposed.
We continue to maintain an intensive pace of process
safety awareness and training activities to improve
knowledge, skills and routine practices across all process
safety dimensions. For example, training in 2024 included
a two-month refresher on International Association of
Oil & Gas Producers Life Saving Rules, refresher training
on Process Safety Fundamentals, a series of training
sessions on process risk assessment and an externally
facilitated training on oil spill management.
We maintain a high level of preparedness to respond to
any emergency to minimise negative impacts on people,
the environment and our assets while assuring business
continuity. To ensure employees are fully trained to
respond in an emergency situation, we adhere to our
detailed asset protection-related policies, standards and
plans, which include crisis and emergency management.
In 2024, we conducted extensive training in business
continuity planning, crisis management and emergency
response for teams in Ghana and the UK, and updated
all departmental impact recovery plans.
In March 2024, we were deeply saddened to learn of
a safety incident that resulted in six fatalities on our
non-operated Becuna Platform in Gabon. The incident
was of notable concern to the Board, and whilst
acknowledging that we do not operate the Becuna
Platform, the Board sought, where possible, to provide
support, in particular with arrangements for the
families affected by the fatalities. The Board also
insisted on receiving updates on the findings of the
incident investigation and a thorough assessment
and implementation of all lessons learned.
Attract, retain and develop talent
Our people are critical to our business success. Attracting,
retaining and developing them helps to deliver our business
objectives and providing training and development
opportunities helps support their career progression.
We aim to foster an organisation in which all colleagues
are motivated to live our values and support our purpose,
while realising value for themselves in terms of meaningful
work, professional growth and competitive compensation
and benefits. We engage our employees through our
Tullow Advisory Panel (TAP), which comprises eight elected
colleagues from across the business and locations.
The TAP meets quarterly with members of the SLT, and
separately with the Non-Executive Directors. In addition,
we survey our employees every two years to understand
how our Employee Value Proposition is delivering value.
In 2024, we dedicated more
than 13,000 hours to employee
training, showcasing our
commitment to continuous
learning and staying competitive
in an evolving industry.
The 2024 employee engagement survey drew responses
from 81% of employees, who returned an average positivity
score of 70% across the sum of all survey questions, similar
to 2022. However, within this average, overall satisfaction
was 5% higher than in 2022. Feedback highlighted the most
positive aspects of working at Tullow as being the work
environment, including the Group’s culture and values
and wellness agenda. Opportunities for improvement
were also flagged, primarily in the areas of reward and
benefits and professional development. Plans to address
this feedback include initiatives to improve our fair and
robust remuneration processes, and further invest in
professional development support.
We advance professional development through our
continuous performance management process, which
provides opportunities for growth and advancement
through training, coaching and mentoring. In addition to an
annual schedule of mandatory training on matters such as
health and safety, ethical conduct, information security, and
targeted technical skills training, we continue to provide
at least 20 hours of professional development training per
employee per year. Our mentoring programme continues
to be active across the organisation. In 2023, we ran our
fourth cohort pairing up 20 mentees and mentors which
continued during 2024. In addition, we ran separate
feedback mentor and mentee sessions, providing
opportunities to learn from each other’s mentoring
experiences.
Tullow Oil plc Annual Report and Accounts 2024 – 29
Strategic report Corporate governance Financial statements Supplementary information
Advance inclusion and diversity
Inclusion and diversity are defining components of the
way we work as a culturally and geographically diverse
team. At Tullow, diversity includes gender and race as well
as several other attributes including physical ability, sexual
orientation, and religious and political beliefs.
As at 31 December 2024, Tullow employed 397 people.
Female representation across the Group was 27% (108),
with male representation at 73% (289). Information about
the Board and senior management gender profiles is set
out on page 85.
Diversity at Tullow 2024 2023 2022
All women 27% 26% 26%
Women in
senior management 25% 21% 14%
All Africans 56% 55% 54%
Africans in
senior management 14% 8% 9%
Local nationals
1
85% 84% 82%
1. Local nationals refer to nationals in their country of work.
We aim to drive equitable opportunities for all employees
in different parts of our business, with particular focus on
employment of African nationals (localisation) and the
advancement of women in our organisation.
Accelerating localisation in Ghana
Localisation is central to our purpose and our commitment
to foster sustainable economic growth and develop a
skilled local workforce in Ghana. During the year we made
further progress towards achieving our objective of 90%
overall workforce localisation in Ghana. By replacing three
expatriates with local nationals in addition to a range of
other initiatives, overall workforce localisation in Ghana
was 81% at year end 2024.
In 2024, 42% of new hires were
women and 48% of new hires
were African.
We are a signatory to the Women in Finance Charter,
which demonstrates our ongoing commitment to
improving the gender diversity of our workforce,
particularly improving women’s representation at senior
levels in our Finance function. In 2024, we maintained a
level of above 50% of female representation in our senior
finance team, exceeding our goal of 45%.
Respect human rights
We identify and manage our material human rights
impacts, risks and opportunities in accordance with
international human rights instruments and responsible
business conduct standards such as the United Nations
Guiding Principles. Following the completion of our human
rights saliency assessment in 2023, we prioritised five
salient issues and developed action plans to enable us to
respond and track progress. The action plans support
delivery of our three-year roadmap, which commits us to
embedding and proactively managing human rights issues
across the business.
Our salient human rights issues
1
Security and conflict/misuse of force
Sea rights and livelihoods
Land rights and livelihoods
Labour rights (including fair
remuneration and protection
from child and forced labour)
Potential negative impacts
of carbon offsetting
Occupational health and safety/
hazardous working conditions
Community health, safety
and wellbeing
Anti-bribery and corruption
Sustainability review continued
Care for people continued
2019 2020 2021 2022 2023 2024
100%
80%
60%
40%
20%
0%
1. Those human rights that are at risk of the most severe negative impacts
through a company’s activities or business relationships. Source: Salient
Human Rights Issues: UN Guiding Principles Reporting Framework.
82%
85%
71%
81%
77%
78%
30 – Tullow Oil plc Annual Report and Accounts 2024
Strategic report Corporate governance Financial statements Supplementary information
The five salient human rights issues we have prioritised and
some of the actions taken to advance these areas include:
• Security and conflict/misuse of force: Developed
and communicated a new plan to manage security risks
linked to exploration activities in preparation for future
seismic surveys.
• Sea rights and livelihoods: We reviewed our
programmes and in 2025, we are planning to codify
good practices, implement proactive risk management
processes and develop stronger contractor
management before and during our activities.
• Land rights and livelihoods: Updated our Social
Management Standard using best practice guidance
and frameworks and additional guidance relating to
land acquisition and livelihood restoration.
• Labour rights—overtime and wages: Conducted due
diligence on and provided online labour rights training
to identified high-risk suppliers. In 2025, we will integrate
human rights content in supplier quarterly performance
reviews and address recurring root causes of overtime
and wage issues. Training on labour rights during
supplier onboarding is also planned for 2025.
• Potential negative impacts of carbon offsetting:
Integrated social and human rights considerations
into our nature-based carbon offset initiative in Ghana,
including collaboration with the Ghana Forestry
Commission to ensure the project aligns with social
and human rights standards.
In 2024, following a review of global human rights
instruments and peer company policies, we updated
our Human Rights Policy, significantly strengthening our
commitment in several areas. This policy was approved
by the Board and the SLT. We also strengthened human
rights expectations in our updated Code and developed
a Human Rights Standard. In addition, we continued the
integration of human rights in other corporate policies
and standards whilst strengthening our supply chain
supplier assurance on human rights and assessing
grievance mechanisms and remediation processes.
We continued to raise awareness of human rights issues
including providing training for more than 55 leaders across
the Company, as well as other employees and more than
83 suppliers. More than 90 suppliers have undertaken a
human rights self-assessment and we are working with
them to address issues identified, with a focus on high-risk
suppliers. We also invited more than 91 suppliers to
complete labour rights training by Ipieca.
Manage impacts on host communities
We strive to build and maintain meaningful community
relationships based on trust and respect and to accelerate
progress through partnerships. This means maintaining a
proactive and responsive dialogue to build understanding
and collaborating to address actual and potential impacts.
A key element of understanding our local impacts is the
extensive continuous engagement we undertake in our
host communities.
Key activities during 2024 included:
• Engagement with the local fishing communities in Ghana,
the Ghana Navy and Fisheries Enforcement Unit on
the increase in frequency of exclusion zone incursions
recorded at the Jubilee and TEN fields, which potentially
disrupt our operations and create a safety risk. The
situation is currently under review and engagement
with stakeholders is ongoing.
• Engagement with key fishing communities in Ghana
to review the 4D seismic acquisition survey scheduled
for early 2025. These advance consultations provided
information on the seismic operations and we
engaged 30 fishing communities representing nearly
3,000 fish processors, and owners of fishing-related
small businesses.
• Engagements in Kenya including with the Turkana
County Government, the Kenya National Commission
on Human Rights, local NGOs and local communities
around our operations. During the year, the National
Security Advisory Council visited our Kenya site for an
update on the project.
We reviewed our community grievance mechanisms in
Ghana and Kenya against effectiveness criteria outlined
in the UN Guiding Principles. We developed an automated
online tool for ease of collecting grievances including
community feedback, and we continue to raise awareness
on our operational grievance mechanisms.
Together with our JV partners, we continue to support
the Fisherman’s Cooperative Credit Union (FACCU) project,
which aims to boost the fishing and associated sectors
and mitigate the impact of our offshore operations on
fishing livelihoods. The FACCU, which started in 2019
as the Fisherman’s Anchor Project, provides continuous,
affordable and easily accessible financial services to
fishing communities in Western Ghana, where fishing is the
primary source of income, providing jobs for more than
80% of the coastal communities. Beneficiaries include fish
processors and canoe owners, and 86% of beneficiaries
are women. At the end of 2024, the FACCU had registered
more than 2,200 members and since 2019 has generated
the significant economic benefits detailed below.
c.$1.2m
disbursed in small loans
($0.55m in 2024)
4,550
credit applicants assessed
>3,680 loan beneficiaries from
45 communities
Tullow Oil plc Annual Report and Accounts 2024 – 31
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Manage impacts on host communities continued
We also continue to fund a beach and sanitation project
that promotes clean beaches and enhances community
livelihoods through commercial initiatives involving the
collection and processing of naturally occurring
sargassum seaweed and recycling plastic waste.
Contribute to socio-economic development
By contributing to socio-economic development, we support
our host countries and communities to become more
resilient. This aligns with our purpose of building a better
future through responsible oil and gas development and
supports our business success. 2024 is the first full year of
implementation of our five-year ‘Accelerate Progress through
Partnership’ strategy, which is focused on the following three
social outcomes:
• Creating jobs through supporting transferable skills
development and connecting youth to job opportunities.
• Strengthening local economies by supporting enterprise
development and local content.
• Building more resilient communities by increasing
household income and savings.
This strategy transitions our previous focus on education
to supporting transferable skills and connecting people to
jobs. We align with national development and community
priorities on how we will support job creation and increase
employability and we apply the following principles when
selecting projects and partners:
• Deliverability of measurable social impact.
• Sustainable activities with financial and organisational
resilience incorporated from the outset.
• Provision of co-funding potential and the ability to scale.
A major new job creation initiative in 2024 was the
establishment of Tullow Agriventures Programme in
partnership with the Innohub Foundation, to provide technical
and business support alongside seed funding and working
capital to small
- and medium-sized enterprises operating
in Ghana’s agricultural value chain. This is an important
initiative to advance youth employment in rural areas. By the
end of 2024, ten existing businesses had received support
and more than 400 new businesses had been created.
During the year we continued to support the development
of transferrable skills through investment in accessible
education in Ghana and provision of tertiary scholarships.
In addition, our $10 million investment over a five-year
period (2020–2024) has provided more than 12 dormitory
and classroom blocks at 12 schools in nine districts,
providing facilities for more than 4,400 students, making
education in Ghana more accessible. We also piloted an
alumni network programme for Tullow’s tertiary scholarship
beneficiaries that aims to connect people to jobs.
Tullow Agriventures 2-year ambition: 1,500 direct jobs and 4,500 indirect jobs
600
Venture
creation
30
Venture growth
support
Tullow
Agriventures
Programme
Sustainability review continued
Care for people continued
32 – Tullow Oil plc Annual Report and Accounts 2024
Strategic report Corporate governance Financial statements Supplementary information