We are an oil and gas company focused on driving down emissions in our operations. Our business model is to hold assets within the oil and gas life cycle in order to create, add and deliver value for stakeholders. The cash flow from production assets funds exploration, appraisal and development activity. Assets can be monetised at different stages of hydrocarbon exploration, development and production in order to optimise the portfolio and create the opportunity for further cash returns to shareholders.
Exploration activity, including seismic surveying and drilling, can create material value.
Moving exploration success into development, or acquiring development assets, adds value.
Progressing development assets into production results in cash flow to reinvest or return to shareholders, realises value.
Our production assets provide the cash flow to sustain exploration, appraisal and development activity. This is currently delivered by our non-operated interests in two UK North Sea assets, Kraken and Catcher, which began production in 2017. As this production continues to deliver over time, we will seek to add production from new assets to replace it.
Operating a full cycle exploration, development and production business gives us financial flexibility to deliver our strategic objectives, year on year. We maintain a strong funding position through cash flow from our production assets, cash in hand and undrawn debt capacity. This allows us to actively assess new venture opportunities and deliver immediate activity. We apply strict capital discipline to our investment decisions and actively manage our portfolio to optimise capital allocation.
The energy transition and constrained commodity prices mean our activity increasingly focuses on ‘advantaged barrel’ exploration alongside exposure to select large, more frontier opportunities with transformational potential. The resources we target must be able to be discovered, developed and produced competitively in a lower oil demand future, with alignment to our ESG priorities.
Our employees, contractors and suppliers provide the necessary expertise and resources to deliver our work programmes agreed within our Joint Ventures. Over the last decade, the company has operated multiple 2D & 3D seismic and geotechnical surveys, drilled over 19 exploration and appraisal wells in mid and deep-water settings and has successfully participated in development planning to take five major projects to Final Investment Decision (FID). Through these projects, our subsurface, operational, commercial and financial teams have further developed their skillsets and capabilities for future application.
Our established, highly experienced and respected leadership team is committed to working responsibly in delivering Company strategy. We never compromise our operating standards. Our focus on delivering value in a safe, secure and environmentally and socially responsible manner is one of our strategic objectives and is measured through our Company Key Performance Indicators. Contractors and suppliers are required to work to the same high standards as our employees.
We pride ourselves on seeing value where others might not. We have the ability to move quickly and responsibly to pursue opportunities, underpinned at all times by our financial flexibility.
Our established track record of creating significant growth and value was demonstrated most recently through our basin opening discoveries offshore Senegal, including the world’s largest oil discovery of 2014. A multi-billion dollar development project is now underway. Following the sale of our Senegal assets, we returned US$250m to shareholders.
With more than 30 years’ experience as an operator and partner at all stages of the upstream oil and gas life cycle, we have successfully discovered and developed oil and gas reserves in a number of international locations in partnership with host governments.
We have a track record of safe and effective operations and extensive experience operating both onshore and offshore, in shallow and deep-water locations, in remote and frontier locations and in benign and harsh weather environments. Our industry experience has included opening new oil basins, creating value through exploration success, as well as taking assets to production and development across South Asia and most recently, in West Africa.
We commit to working responsibly across all our activities. This means working in a safe, secure, environmentally and socially responsible manner.
Our approach to working responsibly is embedded throughout our business in our management systems and enshrined in our policies and principles. We operate to international, leading industry standards in health, safety and environmental management. We never compromise our standards and we look for partners who share our commitment to international good practice, ensuring projects are managed in a responsible and respectful manner.
We are committed to making a positive contribution, wherever we operate, by delivering tangible benefits to our stakeholders. This includes the value distributed through salaries, taxes, payments to authorities, contractors and suppliers, capital spending and social investment.
Investors: Oil and gas sales revenue
Employees: Employee salaries and benefits
Business partners and suppliers: Capital expenditure
Governments and regulators: Payments to governments
Local Community/ Interest Groups: Social investment