2021 Full Year Results
Operational turnaround: opex and drilling
Sustainable reduction in operating costs ($m)
Jubilee¹
TEN
2021 wells: average cost reduction of >20%
TULLOW
Di
500
400
300
200
100
200
100
2019 2020 2021 2022f
2019
2020 2021 2022f
Jubilee O&M transformation provides platform
for further operating cost reduction
Second rig consideration for early 2023
12019, 2020 and 2021 gross operating costs include operating costs associated with OOSYS
75
2018-20 well
costs
Rig non-
productive
time
below 5%
compared
60
60
to 18% in
previous
campaign
c.$10m
reduction
from
simplified
design
c.10%
52
22
cost
reduction
2021
through
results
strategic
better
tendering
than
target
Reduce rig
downtime
Reduce well
complexity
Supply chain
scaling
2021 target
2021 actual
Tullow Oil plc | 2021 Full Year Results
Slide 18View entire presentation