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Tullow Oil plc: Corporate History and Operations

At a Glance

Title: Tullow Oil plc: Corporate History and Operations

Total Categories: 6

Category Stats

  • Founding and Early Development (1985-2000): 3 flashcards, 5 questions
  • Major Acquisitions and Strategic Expansion (2000-2010): 3 flashcards, 8 questions
  • Exploration, Production, and Key Discoveries (Ongoing): 7 flashcards, 6 questions
  • Corporate Governance and Financial Performance: 9 flashcards, 13 questions
  • Controversies, Legal Challenges, and Stakeholder Relations: 27 flashcards, 34 questions
  • Recent Developments and Future Outlook (2010-Present): 2 flashcards, 4 questions

Total Stats

  • Total Flashcards: 51
  • True/False Questions: 30
  • Multiple Choice Questions: 40
  • Total Questions: 70

Instructions

Click the button to expand the instructions for how to use the Wiki2Web Teacher studio in order to print, edit, and export data about Tullow Oil plc: Corporate History and Operations

Welcome to Your Curriculum Command Center

This guide will turn you into a Wiki2web Studio power user. Let's unlock the features designed to give you back your weekends.

The Core Concept: What is a "Kit"?

Think of a Kit as your all-in-one digital lesson plan. It's a single, portable file that contains every piece of content for a topic: your subject categories, a central image, all your flashcards, and all your questions. The true power of the Studio is speed—once a kit is made (or you import one), you are just minutes away from printing an entire set of coursework.

Getting Started is Simple:

  • Create New Kit: Start with a clean slate. Perfect for a brand-new lesson idea.
  • Import & Edit Existing Kit: Load a .json kit file from your computer to continue your work or to modify a kit created by a colleague.
  • Restore Session: The Studio automatically saves your progress in your browser. If you get interrupted, you can restore your unsaved work with one click.

Step 1: Laying the Foundation (The Authoring Tools)

This is where you build the core knowledge of your Kit. Use the left-side navigation panel to switch between these powerful authoring modules.

⚙️ Kit Manager: Your Kit's Identity

This is the high-level control panel for your project.

  • Kit Name: Give your Kit a clear title. This will appear on all your printed materials.
  • Master Image: Upload a custom cover image for your Kit. This is essential for giving your content a professional visual identity, and it's used as the main graphic when you export your Kit as an interactive game.
  • Topics: Create the structure for your lesson. Add topics like "Chapter 1," "Vocabulary," or "Key Formulas." All flashcards and questions will be organized under these topics.

🃏 Flashcard Author: Building the Knowledge Blocks

Flashcards are the fundamental concepts of your Kit. Create them here to define terms, list facts, or pose simple questions.

  • Click "➕ Add New Flashcard" to open the editor.
  • Fill in the term/question and the definition/answer.
  • Assign the flashcard to one of your pre-defined topics.
  • To edit or remove a flashcard, simply use the ✏️ (Edit) or ❌ (Delete) icons next to any entry in the list.

✍️ Question Author: Assessing Understanding

Create a bank of questions to test knowledge. These questions are the engine for your worksheets and exams.

  • Click "➕ Add New Question".
  • Choose a Type: True/False for quick checks or Multiple Choice for more complex assessments.
  • To edit an existing question, click the ✏️ icon. You can change the question text, options, correct answer, and explanation at any time.
  • The Explanation field is a powerful tool: the text you enter here will automatically appear on the teacher's answer key and on the Smart Study Guide, providing instant feedback.

🔗 Intelligent Mapper: The Smart Connection

This is the secret sauce of the Studio. The Mapper transforms your content from a simple list into an interconnected web of knowledge, automating the creation of amazing study guides.

  • Step 1: Select a question from the list on the left.
  • Step 2: In the right panel, click on every flashcard that contains a concept required to answer that question. They will turn green, indicating a successful link.
  • The Payoff: When you generate a Smart Study Guide, these linked flashcards will automatically appear under each question as "Related Concepts."

Step 2: The Magic (The Generator Suite)

You've built your content. Now, with a few clicks, turn it into a full suite of professional, ready-to-use materials. What used to take hours of formatting and copying-and-pasting can now be done in seconds.

🎓 Smart Study Guide Maker

Instantly create the ultimate review document. It combines your questions, the correct answers, your detailed explanations, and all the "Related Concepts" you linked in the Mapper into one cohesive, printable guide.

📝 Worksheet & 📄 Exam Builder

Generate unique assessments every time. The questions and multiple-choice options are randomized automatically. Simply select your topics, choose how many questions you need, and generate:

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🖨️ Flashcard Printer

Forget wrestling with table layouts in a word processor. Select a topic, choose a cards-per-page layout, and instantly generate perfectly formatted, print-ready flashcard sheets.

Step 3: Saving and Collaborating

  • 💾 Export & Save Kit: This is your primary save function. It downloads the entire Kit (content, images, and all) to your computer as a single .json file. Use this to create permanent backups and share your work with others.
  • ➕ Import & Merge Kit: Combine your work. You can merge a colleague's Kit into your own or combine two of your lessons into a larger review Kit.

You're now ready to reclaim your time.

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Study Guide: Tullow Oil plc: Corporate History and Operations

Study Guide: Tullow Oil plc: Corporate History and Operations

Founding and Early Development (1985-2000)

Aidan Heavey founded Tullow Oil in 1985, initially focusing on oil exploration in Senegal.

Answer: False

While Aidan Heavey founded Tullow Oil in 1985, its initial focus was on gas exploration in Senegal, not oil exploration.

Related Concepts:

  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • When and where was Tullow Oil founded, and where is its current headquarters located?: Tullow Oil was founded in 1985 in Tullow, Ireland. The company's headquarters are currently located in London, United Kingdom.

Tullow Oil commenced drilling its first well in Kenya in 2006, targeting the Lake Albert region.

Answer: False

Tullow Oil commenced drilling its first well in Uganda in 2006, targeting the Lake Albert region, not in Kenya.

Related Concepts:

  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.
  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.
  • What actions did local communities in Turkana County take in October 2013 that led to a suspension of drilling?: In October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits. They also gained entry to facilities and two oil blocks, resulting in looting and vandalism, which prompted Tullow to suspend drilling operations.

Where was Tullow Oil founded, and where is its current headquarters located?

Answer: Founded in Tullow, Ireland; Headquarters in London, UK

Tullow Oil was founded in 1985 in Tullow, Ireland. Its current headquarters are situated in London, United Kingdom.

Related Concepts:

  • When and where was Tullow Oil founded, and where is its current headquarters located?: Tullow Oil was founded in 1985 in Tullow, Ireland. The company's headquarters are currently located in London, United Kingdom.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

Who founded Tullow Oil, and what was its initial business focus?

Answer: Aidan Heavey; focused on gas exploration in Senegal.

Aidan Heavey founded Tullow Oil in 1985. The company's initial business focus was on gas exploration in Senegal.

Related Concepts:

  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • When and where was Tullow Oil founded, and where is its current headquarters located?: Tullow Oil was founded in 1985 in Tullow, Ireland. The company's headquarters are currently located in London, United Kingdom.

In which African country did Tullow Oil begin drilling its first well in 2006, targeting the Lake Albert region?

Answer: Uganda

Tullow Oil commenced drilling its first well in Uganda in 2006, targeting the Lake Albert region.

Related Concepts:

  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • In which African country did Tullow Oil begin drilling its first well in 2006, and what region did it start exploiting?: In 2006, the company began drilling its first well in Uganda and started exploiting the Lake Albert region.

Major Acquisitions and Strategic Expansion (2000-2010)

In 2000, Tullow Oil acquired significant North Sea assets from Shell for £201 million.

Answer: False

In 2000, Tullow Oil acquired significant North Sea assets, but these were from BP, not Shell, for £201 million.

Related Concepts:

  • What significant acquisition did Tullow Oil make in the North Sea in 2000?: In 2000, Tullow Oil acquired gas fields and infrastructure in the North Sea from BP for £201 million.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

The acquisition of Energy Africa by Tullow Oil was completed in May 2004 for approximately $570 million.

Answer: True

Tullow Oil completed the acquisition of Energy Africa in May 2004 for approximately $570 million.

Related Concepts:

  • When did Tullow Oil acquire Energy Africa, and for what amount?: Tullow Oil completed the acquisition of Energy Africa in May 2004 for $570 million.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What merger did Tullow Oil complete in June 2022?: On June 1, 2022, Tullow Oil acquired Capricorn Energy in a share-only merger. Following the deal, Tullow owned 53 percent of Capricorn, which had assets in Mauritania and Egypt.

Tullow Oil acquired 25 gas fields in the Dutch North Sea in 2011 and discovered a new oil reserve in Kenya in March 2012.

Answer: True

In 2011, Tullow Oil acquired interests in 25 gas fields in the Dutch North Sea, and in March 2012, it discovered a new oil reserve in Kenya.

Related Concepts:

  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.
  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

Tullow Oil purchased Heritage Oil's Ugandan licenses for $1.45 billion in 2010 and later farmed down its interests.

Answer: True

Tullow Oil purchased Heritage Oil's Ugandan licenses for $1.45 billion in 2010 and subsequently farmed down its interests.

Related Concepts:

  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.

In February 2012, Tullow Oil farmed down two-thirds of its Ugandan interests to Shell and CNOOC.

Answer: False

In February 2012, Tullow Oil farmed down its Ugandan interests to Total and CNOOC, not Shell and CNOOC.

Related Concepts:

  • What tax dispute led Tullow Oil to arbitration with the Ugandan government in December 2012?: In December 2012, reports indicated Tullow Oil was involved in arbitration with the Ugandan government at the International Centre for Settlement of Investment Disputes (ICSID) in the United States. The dispute arose after value-added tax was imposed on goods and services Tullow purchased for its oil exploration activities in Uganda.
  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.
  • What significant asset sale did Tullow Oil announce in April 2020?: On April 23, 2020, Tullow Oil announced it had agreed to sell its assets in Uganda to Total for US$575 million in cash, plus post-first oil contingent payments, with an effective date of January 1, 2020.

What significant acquisition did Tullow Oil make from BP in the North Sea in 2000?

Answer: Gas fields and infrastructure for £201 million.

In 2000, Tullow Oil acquired gas fields and infrastructure in the North Sea from BP for £201 million.

Related Concepts:

  • What significant acquisition did Tullow Oil make in the North Sea in 2000?: In 2000, Tullow Oil acquired gas fields and infrastructure in the North Sea from BP for £201 million.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.

Which of the following correctly summarizes Tullow Oil's activities in 2011 and early 2012?

Answer: Acquired gas fields in the Dutch North Sea and discovered oil in Kenya.

In 2011, Tullow Oil acquired interests in 25 gas fields in the Dutch North Sea, and in March 2012, it discovered a new oil reserve in Kenya.

Related Concepts:

  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.
  • What tax dispute led Tullow Oil to arbitration with the Ugandan government in December 2012?: In December 2012, reports indicated Tullow Oil was involved in arbitration with the Ugandan government at the International Centre for Settlement of Investment Disputes (ICSID) in the United States. The dispute arose after value-added tax was imposed on goods and services Tullow purchased for its oil exploration activities in Uganda.
  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.

What was the financial outcome of Tullow Oil's purchase of Heritage Oil's Ugandan assets and subsequent farm-down?

Answer: Purchased for $1.45 billion, farmed down for $2.9 billion.

Tullow Oil purchased Heritage Oil's Ugandan assets for $1.45 billion in 2010 and subsequently farmed down two-thirds of its interests for $2.9 billion in February 2012.

Related Concepts:

  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.

Exploration, Production, and Key Discoveries (Ongoing)

A major offshore discovery, the Jubilee Oil Field, was made by Tullow Oil in Ghana in 2007.

Answer: True

In 2007, Tullow Oil made a significant offshore discovery in Ghana, which was the Jubilee Oil Field.

Related Concepts:

  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.
  • What is the significance of the TEN fields discovery off Ghana?: The TEN fields, discovered by Tullow Oil off the coast of Ghana, represented a significant find. However, the projected development cost for these fields was estimated to exceed $5 billion, which was considered substantial for a company of Tullow's size.
  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.

In 2012, Tullow Oil abandoned its Teak-4A well off Ghana due to encountering commercially viable reservoirs.

Answer: False

Tullow Oil abandoned its Teak-4A well off Ghana in 2012 because it encountered *non-commercial* reservoirs, not commercially viable ones.

Related Concepts:

  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.
  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.
  • What was the outcome of Tullow Oil's exploration well offshore Norway in the Barents Sea in October 2013?: In late October 2013, Tullow Oil announced it had plugged and abandoned a wildcat well offshore Norway in the Barents Sea. The decision was made due to "poor quality reservoir rock" encountered at the site.

Tullow Oil and Shell failed to find evidence of hydrocarbons after prolonged exploration in French Guiana in November 2013.

Answer: True

After extensive exploration efforts in French Guiana in partnership with Shell Oil, Tullow Oil reported in November 2013 that no evidence of hydrocarbons was found.

Related Concepts:

  • What were the results of Tullow Oil's exploration efforts in French Guiana with Shell Oil in November 2013?: After prolonged exploration for oil and natural gas in French Guiana in partnership with Shell Oil, Tullow failed to find evidence of hydrocarbons in November 2013.

What major offshore discovery was made by Tullow Oil in Ghana in 2007?

Answer: The Jubilee Oil Field

In 2007, Tullow Oil made the significant offshore discovery of the Jubilee Oil Field in Ghana.

Related Concepts:

  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.
  • What is the significance of the TEN fields discovery off Ghana?: The TEN fields, discovered by Tullow Oil off the coast of Ghana, represented a significant find. However, the projected development cost for these fields was estimated to exceed $5 billion, which was considered substantial for a company of Tullow's size.
  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.

When did the Jubilee field in Ghana commence production, and what other major fields were discovered in the same year?

Answer: November 2010; Enyenra and Tweneboa fields

The Jubilee field in Ghana commenced production in November 2010. In the same year, new major discoveries were made at the Enyenra and Tweneboa fields.

Related Concepts:

  • When did the Jubilee field in Ghana begin production, and what other fields were discovered that year?: The Jubilee field in Ghana was brought on stream in November 2010, approximately 40 months after its discovery. In the same year, new major discoveries were made at the Enyenra and Tweneboa fields in Ghana.
  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.

Why did Tullow Oil abandon its wildcat well offshore Norway in the Barents Sea in October 2013?

Answer: Due to encountering poor quality reservoir rock.

Tullow Oil abandoned its wildcat well offshore Norway in the Barents Sea in October 2013 due to encountering poor quality reservoir rock.

Related Concepts:

  • What was the outcome of Tullow Oil's exploration well offshore Norway in the Barents Sea in October 2013?: In late October 2013, Tullow Oil announced it had plugged and abandoned a wildcat well offshore Norway in the Barents Sea. The decision was made due to "poor quality reservoir rock" encountered at the site.
  • What other exploration activities did Tullow Oil undertake in 2011 and 2012?: In 2011, Tullow Oil bought into 25 gas fields in the Dutch North Sea. In March 2012, a new oil reserve was discovered in Kenya. However, in 2012, the company also encountered non-commercial reservoirs at its Teak-4A well off Ghana, leading to its abandonment.

Corporate Governance and Financial Performance

Tullow Oil plc primarily focuses on the exploration and production of renewable energy sources.

Answer: False

Tullow Oil plc is primarily engaged in the exploration and production of oil and natural gas, not renewable energy sources.

Related Concepts:

  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What products does Tullow Oil offer?: Tullow Oil's products are oil and natural gas.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.

Tullow Oil plc is publicly traded on the London Stock Exchange under the ticker symbol TLW.

Answer: True

Tullow Oil plc is listed on the London Stock Exchange, where it is traded under the ticker symbol TLW.

Related Concepts:

  • How is Tullow Oil traded, and what are its stock exchange identifiers?: Tullow Oil plc is a public limited company traded on the London Stock Exchange under the ticker symbol TLW. Its ISIN is GB0001500809.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What products does Tullow Oil offer?: Tullow Oil's products are oil and natural gas.

In April 2014, Tullow Oil faced scrutiny over significant pay increases for senior directors, including the CEO, despite a decrease in the company's share price.

Answer: True

Tullow Oil faced scrutiny in April 2014 due to significant pay increases for senior directors, including the CEO, occurring concurrently with a notable decrease in the company's share price.

Related Concepts:

  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.
  • Why did Tullow Oil announce a rights issue in March 2017?: Tullow Oil announced a $750 million rights issue in March 2017 as the company was struggling with a very low oil price environment.

Tullow Oil announced a $750 million rights issue in March 2017 due to a highly favorable oil price environment.

Answer: False

Tullow Oil announced a $750 million rights issue in March 2017 because the company was facing financial struggles due to a very *low* oil price environment, not a favorable one.

Related Concepts:

  • Why did Tullow Oil announce a rights issue in March 2017?: Tullow Oil announced a $750 million rights issue in March 2017 as the company was struggling with a very low oil price environment.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

Dorothy Thompson succeeded Aidan Heavey as CEO, while Rahul Dhir was appointed Chairman in July 2020.

Answer: False

As of July 2020, Dorothy Thompson became the Chair, and Rahul Dhir was appointed as the CEO. Aidan Heavey retired from the board.

Related Concepts:

  • Who succeeded Aidan Heavey as chairman, and who was appointed CEO in 2020?: Aidan Heavey retired from the board, and Dorothy Thompson became the new chair. Rahul Dhir was appointed as the new CEO, effective from July 2020.
  • Who are the current key people mentioned for Tullow Oil?: As of July 2020, Rahul Dhir is the CEO, and Dorothy Thompson serves as the Chairman.

As of 2023, Tullow Oil reported a net income of $109.6 million, indicating profitability.

Answer: False

As of 2023, Tullow Oil reported a net income of $(109.6) million, indicating a loss, not profitability. The reported revenue was $1,634.1 million and operating income was $295.9 million.

Related Concepts:

  • What is the current revenue, operating income, and net income for Tullow Oil as of 2023?: As of 2023, Tullow Oil reported a revenue of $1,634.1 million, an operating income of $295.9 million, and a net income of $(109.6) million. The figures for revenue and operating income show a decrease, as indicated by the decrease symbols.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What products does Tullow Oil offer?: Tullow Oil's products are oil and natural gas.

What is the primary industry of Tullow Oil plc?

Answer: Oil and gas exploration and production

Tullow Oil plc is primarily engaged in the exploration and production of oil and natural gas.

Related Concepts:

  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What products does Tullow Oil offer?: Tullow Oil's products are oil and natural gas.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.

Which of the following accurately describes Tullow Oil's stock market presence?

Answer: Listed on the London Stock Exchange (LSE) with ISIN GB0001500809.

Tullow Oil plc is publicly traded on the London Stock Exchange under the ticker symbol TLW, with the ISIN GB0001500809.

Related Concepts:

  • How is Tullow Oil traded, and what are its stock exchange identifiers?: Tullow Oil plc is a public limited company traded on the London Stock Exchange under the ticker symbol TLW. Its ISIN is GB0001500809.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • Why did Tullow Oil announce a rights issue in March 2017?: Tullow Oil announced a $750 million rights issue in March 2017 as the company was struggling with a very low oil price environment.

In April 2014, Tullow Oil faced criticism regarding:

Answer: Excessive payouts to senior directors, including the CEO, despite falling share prices.

Tullow Oil faced scrutiny in April 2014 due to significant pay increases for senior directors, including the CEO, occurring concurrently with a notable decrease in the company's share price.

Related Concepts:

  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.

Why did Tullow Oil announce a rights issue in March 2017?

Answer: To address financial struggles caused by a low oil price environment.

Tullow Oil announced a $750 million rights issue in March 2017 because the company was facing financial struggles due to a very low oil price environment.

Related Concepts:

  • Why did Tullow Oil announce a rights issue in March 2017?: Tullow Oil announced a $750 million rights issue in March 2017 as the company was struggling with a very low oil price environment.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

Who are the current key leaders of Tullow Oil as of July 2020?

Answer: Rahul Dhir (CEO) and Dorothy Thompson (Chair)

As of July 2020, Rahul Dhir assumed the role of CEO, and Dorothy Thompson became the Chair of Tullow Oil.

Related Concepts:

  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.

As of 2023, what were Tullow Oil's reported financial figures?

Answer: Revenue $1.63B, Operating Income $295.9M, Net Income $(109.6)M

As of 2023, Tullow Oil reported a revenue of $1,634.1 million, an operating income of $295.9 million, and a net income of $(109.6) million.

Related Concepts:

  • What is the current revenue, operating income, and net income for Tullow Oil as of 2023?: As of 2023, Tullow Oil reported a revenue of $1,634.1 million, an operating income of $295.9 million, and a net income of $(109.6) million. The figures for revenue and operating income show a decrease, as indicated by the decrease symbols.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • How is Tullow Oil traded, and what are its stock exchange identifiers?: Tullow Oil plc is a public limited company traded on the London Stock Exchange under the ticker symbol TLW. Its ISIN is GB0001500809.

Which of the following is Tullow Oil's official website address?

Answer: www.tullowoil.com

The official website for Tullow Oil plc is www.tullowoil.com.

Related Concepts:

  • What is the official website for Tullow Oil?: The official website for Tullow Oil is www.tullowoil.com.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • When and where was Tullow Oil founded, and where is its current headquarters located?: Tullow Oil was founded in 1985 in Tullow, Ireland. The company's headquarters are currently located in London, United Kingdom.

Controversies, Legal Challenges, and Stakeholder Relations

In 2010, Tullow Oil faced criticism for a tax planning exercise in Uganda aimed at increasing its tax liability.

Answer: False

The criticism directed at Tullow Oil's 2010 tax planning exercise in Uganda was that it aimed to *reduce*, not increase, its tax liability. The company's Head of Tax rejected these criticisms.

Related Concepts:

  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.
  • What was the purpose of the 'tax planning' exercise in Uganda that drew criticism?: The 'tax planning' exercise initiated by Tullow Oil in Uganda was criticized as an attempt to reduce the amount of tax the firm was liable to pay in the country. Richard Inch, Head of Tax at Tullow, rejected these criticisms.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.

Production delays at the Jubilee field and challenges with the TEN fields in Ghana contributed to criticism of Tullow Oil in 2012-2013.

Answer: True

Production delays at the Jubilee field and challenges related to the high projected costs of the TEN fields in Ghana contributed to criticism of Tullow Oil during the 2012-2013 period.

Related Concepts:

  • What major offshore discovery did Tullow Oil make in Ghana in 2007?: In 2007, Tullow Oil drilled two deepwater wells offshore Ghana, leading to the discovery of the significant Jubilee Oil Field.
  • What were the 'operational hiccups' that reportedly affected Tullow Oil's production targets in Ghana?: The source text mentions 'operational hiccups' that affected Tullow Oil's production targets at a project in Ghana, contributing to a decrease in its share price and prompting a 'sell' rating from Investec. However, the specific nature of these hiccups is not detailed.
  • What issues led to criticism and production delays for Tullow Oil in 2012 and 2013?: In 2012, there were production delays at the Jubilee field. In January 2013, the company and its leadership faced criticism due to decreased share price, reportedly caused by failure to meet production targets in a Ghanaian project because of operational hiccups. The TEN fields off Ghana also presented challenges due to projected development costs exceeding $5 billion.

In 2021, Tullow Oil was ranked highly in the Arctic Environmental Responsibility Index, placing in the top 10.

Answer: False

In 2021, Tullow Oil was ranked number 49 in the Arctic Environmental Responsibility Index, not in the top 10.

Related Concepts:

  • How was Tullow Oil ranked in the Arctic Environmental Responsibility Index in 2021?: In 2021, Tullow Oil was ranked number 49 in the Arctic Environmental Responsibility Index (AERI), which assesses 120 companies involved in resource extraction north of the Arctic Circle.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What is the official website for Tullow Oil?: The official website for Tullow Oil is www.tullowoil.com.

In March 2014, Tullow Oil invoked force majeure on its Guinea project due to a corruption investigation into its partner, Hyperdynamics Corporation.

Answer: True

Tullow Oil invoked a force majeure clause on its offshore Guinea oil production project in March 2014 because its partner, Hyperdynamics Corporation, became the subject of a corruption investigation.

Related Concepts:

  • Why did Tullow Oil invoke a force majeure clause on its Guinea oil production project in March 2014?: In March 2014, Tullow Oil invoked a force majeure clause on its offshore Guinea oil production project because the US Department of Justice and the Securities and Exchange Commission opened a corruption investigation into the firm's partner in the project, Hyperdynamics Corporation.
  • What were the results of Tullow Oil's exploration efforts in French Guiana with Shell Oil in November 2013?: After prolonged exploration for oil and natural gas in French Guiana in partnership with Shell Oil, Tullow failed to find evidence of hydrocarbons in November 2013.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.

Tullow Oil sued Heritage Oil, claiming it was *not* forced to pay Heritage's tax bill after acquiring Ugandan assets.

Answer: False

Tullow Oil sued Heritage Oil, claiming it *was* forced to pay Heritage's capital gains tax bill after acquiring the Ugandan assets, a claim Heritage Oil disputed.

Related Concepts:

  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.

Tullow Oil paid $121.5 million of Heritage Oil's tax demand in 2010 and placed the remaining balance in escrow.

Answer: True

In 2010, Tullow Oil paid $121.5 million towards Heritage Oil's tax demand to the Ugandan Revenue Authority and placed the remaining balance in escrow.

Related Concepts:

  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.

During a trial, it emerged that Tullow directors discussed making an undocumented $50 million payment to the Ugandan government to facilitate a farm-down deal.

Answer: True

During court proceedings related to the Heritage Oil acquisition, it was revealed that Tullow directors had discussed making an undocumented $50 million payment to the Ugandan government, potentially to aid a farm-down transaction.

Related Concepts:

  • What allegation emerged during the Heritage Oil court case regarding potential payments to the Ugandan government?: During the trial, it emerged that senior directors at Tullow had discussed making an undocumented $50 million payment to the Ugandan government, potentially to help facilitate the farm-down deal with Total and CNOOC. There were also suggestions about funding parts of President Yoweri Museveni's re-election campaign.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.

A 2013 report by Platform London alleged that Tullow Oil actively minimized its UK tax obligations by routing profits through international subsidiaries and exploiting Ugandan legal mechanisms.

Answer: True

A 2013 report by Platform London accused Tullow Oil of minimizing its UK tax liabilities by channeling profits through international subsidiaries and utilizing Ugandan legal frameworks.

Related Concepts:

  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.
  • What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?: In March 2013, it was alleged that William Hague, then a British government minister, telephoned the president of Uganda to lobby for Tullow Oil's £175 million tax bill to be waived. Additionally, Tullow's CEO, Aidan Heavey, was reported to have donated £10,000 to Michael Gove, then education secretary, before the 2010 general election.
  • What did the Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda?: A report by Global Financial Integrity (GFI) revealed that illicit financial flows from Uganda between 2001 and 2012 amounted to $680 million. Tullow Oil, in its challenge against tax demands, argued that such funds should be invested in public services like healthcare, education, and infrastructure.

In December 2012, Tullow Oil entered arbitration with the Ugandan government over value-added tax imposed on exploration goods and services.

Answer: True

A dispute concerning value-added tax (VAT) imposed on goods and services utilized for exploration activities led Tullow Oil to enter arbitration with the Ugandan government in December 2012.

Related Concepts:

  • What was the nature of the dispute between Tullow Oil and the Ugandan government regarding value-added tax?: The dispute arose after value-added tax was imposed on goods and services that Tullow purchased for its oil exploration work in Uganda. This led to arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).
  • What tax dispute led Tullow Oil to arbitration with the Ugandan government in December 2012?: In December 2012, reports indicated Tullow Oil was involved in arbitration with the Ugandan government at the International Centre for Settlement of Investment Disputes (ICSID) in the United States. The dispute arose after value-added tax was imposed on goods and services Tullow purchased for its oil exploration activities in Uganda.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.

In 2011, parliamentary investigations were initiated in Uganda regarding bribery allegations involving Tullow Oil and three cabinet ministers.

Answer: True

Parliamentary investigations were launched in Uganda in 2011 concerning allegations of bribery involving Tullow Oil and three prominent cabinet ministers.

Related Concepts:

  • What bribery allegations were investigated in Uganda in 2011 involving Tullow Oil and cabinet ministers?: In 2011, the Attorney General of Uganda initiated parliamentary investigations into bribery allegations against Tullow Oil and three cabinet ministers: Prime Minister Amama Mbabazi, Foreign Affairs Minister Sam Kutesa, and Internal Affairs Minister Hilary Onek. An MP, Gerald Karuhanga, submitted documents related to the incident.
  • What did the Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda?: A report by Global Financial Integrity (GFI) revealed that illicit financial flows from Uganda between 2001 and 2012 amounted to $680 million. Tullow Oil, in its challenge against tax demands, argued that such funds should be invested in public services like healthcare, education, and infrastructure.
  • How did Tullow Oil respond to the bribery allegations investigated by the Ugandan Parliament?: A Tullow Oil delegation appeared before an Ad Hoc committee of the Ugandan Parliament in April 2012. They submitted documents claiming to prove the allegations were false and based on forged documents. This submission was made available on Tullow's website.

Pastoralists in Kenya's Turkana County welcomed Tullow's exploration activities, citing benefits to pasture land.

Answer: False

Pastoralists in Kenya's Turkana County protested Tullow's exploration activities, expressing concerns that the activities interfered with and would damage pasture land essential for their livestock.

Related Concepts:

  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.
  • What actions did local communities in Turkana County take in October 2013 that led to a suspension of drilling?: In October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits. They also gained entry to facilities and two oil blocks, resulting in looting and vandalism, which prompted Tullow to suspend drilling operations.
  • What actions did local communities in Turkana County take in October 2013, and what was the result?: In late October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits, leading Tullow to suspend drilling. This resulted in looting and vandalism at facilities and oil blocks. Drilling only resumed after peace talks with local leaders in mid-November.

Tullow Oil was accused in July 2013 of dumping human waste in Kakindo village, Uganda, blaming its subcontractor, Saracen Uganda Limited.

Answer: True

In July 2013, Tullow Oil faced accusations of dumping human waste in Kakindo village, Uganda. The company attributed responsibility to its subcontractor, Saracen Uganda Limited.

Related Concepts:

  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.

What criticism was directed at Tullow Oil's tax planning activities in Uganda in February 2010?

Answer: It was criticized by Heritage's counsel as an attempt to reduce the company's tax liability.

The tax planning exercise in Uganda was criticized by Heritage's counsel as an attempt to reduce Tullow Oil's tax liability. However, Tullow's Head of Tax rejected this assertion.

Related Concepts:

  • What was the purpose of the 'tax planning' exercise in Uganda that drew criticism?: The 'tax planning' exercise initiated by Tullow Oil in Uganda was criticized as an attempt to reduce the amount of tax the firm was liable to pay in the country. Richard Inch, Head of Tax at Tullow, rejected these criticisms.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.

What issues led to criticism and production delays for Tullow Oil in Ghana around 2012-2013?

Answer: Operational hiccups in a Ghanaian project and high projected costs for TEN fields.

Production delays at the Jubilee field and challenges related to the high projected costs of the TEN fields in Ghana contributed to criticism of Tullow Oil during the 2012-2013 period.

Related Concepts:

  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.
  • What were the 'operational hiccups' that reportedly affected Tullow Oil's production targets in Ghana?: The source text mentions 'operational hiccups' that affected Tullow Oil's production targets at a project in Ghana, contributing to a decrease in its share price and prompting a 'sell' rating from Investec. However, the specific nature of these hiccups is not detailed.
  • Why did Tullow Oil invoke a force majeure clause on its Guinea oil production project in March 2014?: In March 2014, Tullow Oil invoked a force majeure clause on its offshore Guinea oil production project because the US Department of Justice and the Securities and Exchange Commission opened a corruption investigation into the firm's partner in the project, Hyperdynamics Corporation.

How was Tullow Oil ranked in the Arctic Environmental Responsibility Index in 2021?

Answer: Number 49

In 2021, Tullow Oil was ranked number 49 in the Arctic Environmental Responsibility Index (AERI).

Related Concepts:

  • How was Tullow Oil ranked in the Arctic Environmental Responsibility Index in 2021?: In 2021, Tullow Oil was ranked number 49 in the Arctic Environmental Responsibility Index (AERI), which assesses 120 companies involved in resource extraction north of the Arctic Circle.

What led Tullow Oil to invoke a force majeure clause on its Guinea oil production project in March 2014?

Answer: A corruption investigation into its partner, Hyperdynamics Corporation.

Tullow Oil invoked a force majeure clause on its offshore Guinea oil production project in March 2014 because its partner, Hyperdynamics Corporation, became the subject of a corruption investigation.

Related Concepts:

  • Why did Tullow Oil invoke a force majeure clause on its Guinea oil production project in March 2014?: In March 2014, Tullow Oil invoked a force majeure clause on its offshore Guinea oil production project because the US Department of Justice and the Securities and Exchange Commission opened a corruption investigation into the firm's partner in the project, Hyperdynamics Corporation.
  • What were the results of Tullow Oil's exploration efforts in French Guiana with Shell Oil in November 2013?: After prolonged exploration for oil and natural gas in French Guiana in partnership with Shell Oil, Tullow failed to find evidence of hydrocarbons in November 2013.

What was the core dispute in the court case initiated by Tullow Oil against Heritage Oil regarding Ugandan assets?

Answer: Tullow claimed it was forced to pay Heritage's capital gains tax bill.

Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's capital gains tax bill after acquiring the Ugandan assets, a claim Heritage Oil disputed.

Related Concepts:

  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.

During the Heritage Oil court case, what allegation emerged regarding potential payments to the Ugandan government?

Answer: Tullow discussed making an undocumented $50 million payment to facilitate a farm-down deal.

During court proceedings related to the Heritage Oil acquisition, it was revealed that Tullow directors had discussed making an undocumented $50 million payment to the Ugandan government, potentially to aid a farm-down transaction.

Related Concepts:

  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.
  • How did Tullow Oil's payment of Heritage Oil's tax bill unfold?: In 2010, Tullow paid $121.5 million of Heritage's initial $405 million tax demand to the Ugandan Revenue Authority (URA). Tullow placed the remaining $283.5 million in escrow. In 2011, Tullow made a further payment of $313.5 million, covering the balance of the original demand plus an additional $30 million added by the URA.

What did President Museveni state regarding bribery claims and Tullow Oil's tax payment in March 2013?

Answer: He denied bribery claims and stated Tullow's tax payment was necessary for business.

President Museveni denied bribery claims in March 2013 and stated that Tullow Oil's tax payment was a necessary transaction for conducting business in the country, a statement Tullow disputed in court.

Related Concepts:

  • What did President Museveni state regarding the bribery claims and Tullow Oil's tax payment?: President Museveni denied the bribery claims in an official statement on March 18, 2013. He also stated that Tullow Oil completed the tax payment to successfully transact business within the country, a claim that Tullow denied in court.
  • What did the Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda?: A report by Global Financial Integrity (GFI) revealed that illicit financial flows from Uganda between 2001 and 2012 amounted to $680 million. Tullow Oil, in its challenge against tax demands, argued that such funds should be invested in public services like healthcare, education, and infrastructure.
  • What allegation emerged during the Heritage Oil court case regarding potential payments to the Ugandan government?: During the trial, it emerged that senior directors at Tullow had discussed making an undocumented $50 million payment to the Ugandan government, potentially to help facilitate the farm-down deal with Total and CNOOC. There were also suggestions about funding parts of President Yoweri Museveni's re-election campaign.

What controversy arose in March 2013 concerning British government ministers and companies like Tullow Oil?

Answer: A report alleged ministers had links to companies driving climate change, with specific mentions of William Hague lobbying for Tullow and Tullow's CEO donating to Michael Gove.

A March 2013 report alleged connections between British ministers and companies contributing to climate change, specifically noting William Hague's reported lobbying for Tullow Oil in Uganda and a donation from Tullow's CEO to Michael Gove.

Related Concepts:

  • What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?: In March 2013, it was alleged that William Hague, then a British government minister, telephoned the president of Uganda to lobby for Tullow Oil's £175 million tax bill to be waived. Additionally, Tullow's CEO, Aidan Heavey, was reported to have donated £10,000 to Michael Gove, then education secretary, before the 2010 general election.
  • What controversy involved British government ministers and donations from companies like Tullow Oil in March 2013?: In March 2013, a report by the World Development Movement alleged that a third of UK government ministers were linked to finance and energy companies driving climate change. William Hague and Michael Gove were specifically mentioned as having connections to Tullow Oil, with Hague reportedly lobbying the Ugandan president to waive Tullow's tax bill, and Tullow's CEO donating to Gove.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.

According to a 2013 report by Platform London, what practices was Tullow Oil accused of?

Answer: Avoiding UK tax by routing profits through international subsidiaries and exploiting Ugandan legal mechanisms.

A 2013 report by Platform London accused Tullow Oil of minimizing its UK tax liabilities by channeling profits through international subsidiaries and utilizing Ugandan legal frameworks.

Related Concepts:

  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.
  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.
  • What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?: In March 2013, it was alleged that William Hague, then a British government minister, telephoned the president of Uganda to lobby for Tullow Oil's £175 million tax bill to be waived. Additionally, Tullow's CEO, Aidan Heavey, was reported to have donated £10,000 to Michael Gove, then education secretary, before the 2010 general election.

What was the reason for the tax dispute that led Tullow Oil to arbitration with the Ugandan government in December 2012?

Answer: Imposition of value-added tax (VAT) on goods and services purchased by Tullow for exploration.

A dispute concerning value-added tax (VAT) imposed on goods and services utilized for exploration activities led Tullow Oil to enter arbitration with the Ugandan government in December 2012.

Related Concepts:

  • What tax dispute led Tullow Oil to arbitration with the Ugandan government in December 2012?: In December 2012, reports indicated Tullow Oil was involved in arbitration with the Ugandan government at the International Centre for Settlement of Investment Disputes (ICSID) in the United States. The dispute arose after value-added tax was imposed on goods and services Tullow purchased for its oil exploration activities in Uganda.
  • What was the nature of the dispute between Tullow Oil and the Ugandan government regarding value-added tax?: The dispute arose after value-added tax was imposed on goods and services that Tullow purchased for its oil exploration work in Uganda. This led to arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.

What specific bribery allegations were investigated in Uganda in 2011 involving Tullow Oil and cabinet ministers?

Answer: Allegations involving Prime Minister Amama Mbabazi, Minister Sam Kutesa, and Minister Hilary Onek, stemming from documents submitted by MP Gerald Karuhanga.

Parliamentary investigations were launched in 2011 concerning allegations of bribery involving Tullow Oil and three cabinet ministers: Prime Minister Amama Mbabazi, Minister Sam Kutesa, and Minister Hilary Onek, based on documents submitted by MP Gerald Karuhanga.

Related Concepts:

  • What bribery allegations were investigated in Uganda in 2011 involving Tullow Oil and cabinet ministers?: In 2011, the Attorney General of Uganda initiated parliamentary investigations into bribery allegations against Tullow Oil and three cabinet ministers: Prime Minister Amama Mbabazi, Foreign Affairs Minister Sam Kutesa, and Internal Affairs Minister Hilary Onek. An MP, Gerald Karuhanga, submitted documents related to the incident.
  • What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?: In March 2013, it was alleged that William Hague, then a British government minister, telephoned the president of Uganda to lobby for Tullow Oil's £175 million tax bill to be waived. Additionally, Tullow's CEO, Aidan Heavey, was reported to have donated £10,000 to Michael Gove, then education secretary, before the 2010 general election.
  • What did President Museveni state regarding the bribery claims and Tullow Oil's tax payment?: President Museveni denied the bribery claims in an official statement on March 18, 2013. He also stated that Tullow Oil completed the tax payment to successfully transact business within the country, a claim that Tullow denied in court.

How did Tullow Oil respond to the bribery allegations investigated by the Ugandan Parliament?

Answer: They denied all allegations and provided documents to the committee claiming the allegations were false and based on forged documents.

A Tullow Oil delegation appeared before a Ugandan parliamentary committee and submitted documents asserting that the bribery allegations were false and based on forged materials.

Related Concepts:

  • How did Tullow Oil respond to the bribery allegations investigated by the Ugandan Parliament?: A Tullow Oil delegation appeared before an Ad Hoc committee of the Ugandan Parliament in April 2012. They submitted documents claiming to prove the allegations were false and based on forged documents. This submission was made available on Tullow's website.
  • What did President Museveni state regarding the bribery claims and Tullow Oil's tax payment?: President Museveni denied the bribery claims in an official statement on March 18, 2013. He also stated that Tullow Oil completed the tax payment to successfully transact business within the country, a claim that Tullow denied in court.
  • What allegation emerged during the Heritage Oil court case regarding potential payments to the Ugandan government?: During the trial, it emerged that senior directors at Tullow had discussed making an undocumented $50 million payment to the Ugandan government, potentially to help facilitate the farm-down deal with Total and CNOOC. There were also suggestions about funding parts of President Yoweri Museveni's re-election campaign.

What opposition did Tullow Oil face from pastoralists in Kenya's Turkana County in July 2013?

Answer: They protested that exploration interfered with pasture land needed for their animals.

Pastoralists in Kenya's Turkana County protested Tullow's exploration activities, expressing concerns that the activities interfered with and would damage pasture land essential for their livestock.

Related Concepts:

  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.
  • What actions did local communities in Turkana County take in October 2013 that led to a suspension of drilling?: In October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits. They also gained entry to facilities and two oil blocks, resulting in looting and vandalism, which prompted Tullow to suspend drilling operations.
  • What actions did local communities in Turkana County take in October 2013, and what was the result?: In late October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits, leading Tullow to suspend drilling. This resulted in looting and vandalism at facilities and oil blocks. Drilling only resumed after peace talks with local leaders in mid-November.

What actions by local communities in Turkana County led Tullow to suspend drilling in October 2013?

Answer: Demonstrations demanding jobs and benefits, resulting in looting and vandalism.

In October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits, which included looting and vandalism, prompting Tullow to suspend drilling operations.

Related Concepts:

  • What actions did local communities in Turkana County take in October 2013 that led to a suspension of drilling?: In October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits. They also gained entry to facilities and two oil blocks, resulting in looting and vandalism, which prompted Tullow to suspend drilling operations.
  • What actions did local communities in Turkana County take in October 2013, and what was the result?: In late October 2013, local communities in Turkana County staged demonstrations demanding jobs and benefits, leading Tullow to suspend drilling. This resulted in looting and vandalism at facilities and oil blocks. Drilling only resumed after peace talks with local leaders in mid-November.
  • What opposition did Tullow Oil face from pastoralists in Kenya regarding exploration activities?: In July 2013, pastoralists in Kenya's Turkana County rejected Tullow's proposal to move to a new exploration site. They complained that ongoing oil exploration interfered with pasture land and would decimate future grazing areas for their animals.

What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?

Answer: Illegally dumping human waste in Kakindo village.

In July 2013, Tullow Oil faced accusations of dumping human waste in Kakindo village, Uganda, posing health risks.

Related Concepts:

  • What accusation of illegal waste dumping was made against Tullow Oil in Uganda in July 2013?: In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village, Western Uganda, posing health risks. The company blamed its subcontractor, Saracen Uganda Limited, who in turn blamed another contractor. Tullow stated the responsibility lay with its contractors for cutting corners.
  • How did Tullow Oil respond to the bribery allegations investigated by the Ugandan Parliament?: A Tullow Oil delegation appeared before an Ad Hoc committee of the Ugandan Parliament in April 2012. They submitted documents claiming to prove the allegations were false and based on forged documents. This submission was made available on Tullow's website.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.

What did a Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda between 2001 and 2012?

Answer: Total illicit flows amounted to $680 million.

A report by Global Financial Integrity (GFI) indicated that illicit financial flows from Uganda between 2001 and 2012 totaled $680 million.

Related Concepts:

  • What did the Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda?: A report by Global Financial Integrity (GFI) revealed that illicit financial flows from Uganda between 2001 and 2012 amounted to $680 million. Tullow Oil, in its challenge against tax demands, argued that such funds should be invested in public services like healthcare, education, and infrastructure.

What was the outcome of the arbitration case between Tullow Oil and Heritage Oil on June 14, 2013?

Answer: Tullow Oil won the arbitration case.

On June 14, 2013, it was announced that Tullow Oil had prevailed in the arbitration case against Heritage Oil.

Related Concepts:

  • What was the outcome of the arbitration case between Tullow Oil and Heritage Oil on June 14, 2013?: On June 14, 2013, it was announced that Tullow Oil had won the arbitration case against Heritage Oil.
  • What was the core of the court case between Tullow Oil and Heritage Oil regarding Ugandan assets?: Court proceedings began after Tullow Oil sued Heritage Oil, claiming it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets. The dispute centered on capital gains tax demanded by the Ugandan government.
  • What was the criticism leveled against Tullow Oil's tax planning in Uganda in 2010?: In February 2010, Tullow Oil initiated a tax planning exercise that was criticized by Heritage's counsel during a court case in 2013. The criticism suggested it was an attempt to reduce the company's tax liability in Uganda, though Tullow's Head of Tax firmly rejected this.

What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?

Answer: It was alleged that William Hague lobbied the Ugandan president to waive Tullow's tax bill, and Tullow's CEO donated to Michael Gove.

A March 2013 report alleged that William Hague, then a British government minister, lobbied the Ugandan president regarding Tullow Oil's tax bill, and that Tullow's CEO had made a donation to Michael Gove.

Related Concepts:

  • What allegations were made regarding political lobbying by Tullow Oil and its CEO in March 2013?: In March 2013, it was alleged that William Hague, then a British government minister, telephoned the president of Uganda to lobby for Tullow Oil's £175 million tax bill to be waived. Additionally, Tullow's CEO, Aidan Heavey, was reported to have donated £10,000 to Michael Gove, then education secretary, before the 2010 general election.
  • What did a 2013 report by Platform London allege about Tullow Oil's tax practices?: In 2013, Platform London released a report alleging that Tullow Oil was avoiding UK tax by minimizing profit routed through its UK books and instead channeling it through international subsidiaries. The report also accused the firm of exploiting legal mechanisms in Uganda to avoid tax.
  • What controversy arose in April 2014 regarding senior director payouts at Tullow Oil?: In April 2014, Tullow Oil faced potential investor backlash over what was perceived as excessive payouts to senior directors. CEO Aidan Heavey's pay increase from £2.6 million to £2.8 million in 2013, despite a 30 percent decrease in the company's share price during the same period, drew particular scrutiny.

What did the court rule regarding Severino Twinobusingye's legal actions in March 2012 concerning the Ugandan oil probe?

Answer: The court ruled that the accused ministers did not have to step down and awarded Twinobusingye two-thirds of his costs.

The court ruled that the ministers implicated in the Ugandan oil probe did not have to step down and awarded Severino Twinobusingye two-thirds of his legal costs. The Constitutional Court later dismissed an appeal against this ruling.

Related Concepts:

  • What was the context of the legal proceedings initiated by Severino Twinobusingye in Uganda?: Severino Twinobusingye sued the Attorney General in Uganda to block investigations into bribery allegations related to oil deals and to prevent accused ministers from resigning. He also sought costs for his legal actions.
  • What was the financial outcome for Severino Twinobusingye in the Ugandan court case?: In February 2013, the court ordered the Ugandan government to pay 12.9 billion shillings in costs to Severino Twinobusingye, a sum described as unprecedented in the country's history.
  • What legal actions were taken in Uganda concerning the bribery allegations and the Parliamentary investigation?: A lawyer, Severino Twinobusingye, sued the Attorney General to block investigations and calls for the accused ministers to resign. In March 2012, judges awarded Twinobusingye two-thirds of his costs and ruled that the accused did not have to step down. Later, the Constitutional Court dismissed the Parliamentary Commission's appeal to the Supreme Court regarding the probe.

What was the nature of the dispute leading to arbitration between Tullow Oil and the Ugandan government in December 2012?

Answer: A dispute over the imposition of value-added tax (VAT) on goods and services Tullow purchased.

A dispute concerning value-added tax (VAT) imposed on goods and services utilized for exploration activities led Tullow Oil to enter arbitration with the Ugandan government in December 2012.

Related Concepts:

  • What tax dispute led Tullow Oil to arbitration with the Ugandan government in December 2012?: In December 2012, reports indicated Tullow Oil was involved in arbitration with the Ugandan government at the International Centre for Settlement of Investment Disputes (ICSID) in the United States. The dispute arose after value-added tax was imposed on goods and services Tullow purchased for its oil exploration activities in Uganda.
  • What was the nature of the dispute between Tullow Oil and the Ugandan government regarding value-added tax?: The dispute arose after value-added tax was imposed on goods and services that Tullow purchased for its oil exploration work in Uganda. This led to arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).
  • How did Tullow Oil respond to the bribery allegations investigated by the Ugandan Parliament?: A Tullow Oil delegation appeared before an Ad Hoc committee of the Ugandan Parliament in April 2012. They submitted documents claiming to prove the allegations were false and based on forged documents. This submission was made available on Tullow's website.

What did Tullow's company secretary, Graham Martin, state in court regarding a suggestion about President Museveni?

Answer: He stated the suggestion was an 'outrageous suggestion'.

Graham Martin, Tullow's company secretary, responded firmly in court that a suggestion regarding payments to President Museveni was an 'outrageous suggestion'.

Related Concepts:

  • What did Graham Martin, Tullow's company secretary, state in court regarding a suggestion about President Museveni?: Graham Martin, Tullow's company secretary, responded firmly in court that a suggestion made in an email by Angus McCoss about paying for an oil license to 'meet the short term needs and demands' of President Museveni was an 'outrageous suggestion'.
  • What allegation emerged during the Heritage Oil court case regarding potential payments to the Ugandan government?: During the trial, it emerged that senior directors at Tullow had discussed making an undocumented $50 million payment to the Ugandan government, potentially to help facilitate the farm-down deal with Total and CNOOC. There were also suggestions about funding parts of President Yoweri Museveni's re-election campaign.
  • What did President Museveni state regarding the bribery claims and Tullow Oil's tax payment?: President Museveni denied the bribery claims in an official statement on March 18, 2013. He also stated that Tullow Oil completed the tax payment to successfully transact business within the country, a claim that Tullow denied in court.

What did the Global Financial Integrity (GFI) report suggest about the use of funds related to illicit financial flows from Uganda?

Answer: Funds should be invested in public services like healthcare and education.

The Global Financial Integrity (GFI) report suggested that funds derived from illicit financial flows from Uganda should be reinvested into essential public services such as healthcare and education.

Related Concepts:

  • What did the Global Financial Integrity (GFI) report reveal about illicit financial flows from Uganda?: A report by Global Financial Integrity (GFI) revealed that illicit financial flows from Uganda between 2001 and 2012 amounted to $680 million. Tullow Oil, in its challenge against tax demands, argued that such funds should be invested in public services like healthcare, education, and infrastructure.

Recent Developments and Future Outlook (2010-Present)

On April 23, 2020, Tullow Oil announced it had agreed to sell its Ugandan assets to Total for US$575 million.

Answer: True

Tullow Oil announced on April 23, 2020, that it had reached an agreement to sell its Ugandan assets to Total for US$575 million.

Related Concepts:

  • What significant asset sale did Tullow Oil announce in April 2020?: On April 23, 2020, Tullow Oil announced it had agreed to sell its assets in Uganda to Total for US$575 million in cash, plus post-first oil contingent payments, with an effective date of January 1, 2020.
  • What significant acquisition did Tullow Oil make in the North Sea in 2000?: In 2000, Tullow Oil acquired gas fields and infrastructure in the North Sea from BP for £201 million.
  • When did Tullow Oil acquire Energy Africa, and for what amount?: Tullow Oil completed the acquisition of Energy Africa in May 2004 for $570 million.

Tullow Oil acquired Capricorn Energy in a cash-and-stock merger completed on June 1, 2022.

Answer: False

Tullow Oil acquired Capricorn Energy in a *share-only* merger on June 1, 2022, not a cash-and-stock merger.

Related Concepts:

  • What merger did Tullow Oil complete in June 2022?: On June 1, 2022, Tullow Oil acquired Capricorn Energy in a share-only merger. Following the deal, Tullow owned 53 percent of Capricorn, which had assets in Mauritania and Egypt.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • When did Tullow Oil acquire Energy Africa, and for what amount?: Tullow Oil completed the acquisition of Energy Africa in May 2004 for $570 million.

What significant asset sale did Tullow Oil agree to in April 2020?

Answer: Sale of its Ugandan assets to Total.

On April 23, 2020, Tullow Oil announced it had reached an agreement to sell its Ugandan assets to Total for US$575 million.

Related Concepts:

  • What significant asset sale did Tullow Oil announce in April 2020?: On April 23, 2020, Tullow Oil announced it had agreed to sell its assets in Uganda to Total for US$575 million in cash, plus post-first oil contingent payments, with an effective date of January 1, 2020.
  • What significant acquisition did Tullow Oil make in the North Sea in 2000?: In 2000, Tullow Oil acquired gas fields and infrastructure in the North Sea from BP for £201 million.
  • When did Tullow Oil acquire Energy Africa, and for what amount?: Tullow Oil completed the acquisition of Energy Africa in May 2004 for $570 million.

What merger did Tullow Oil complete on June 1, 2022?

Answer: Merger with Capricorn Energy

On June 1, 2022, Tullow Oil completed the acquisition of Capricorn Energy in a share-only merger.

Related Concepts:

  • What merger did Tullow Oil complete in June 2022?: On June 1, 2022, Tullow Oil acquired Capricorn Energy in a share-only merger. Following the deal, Tullow owned 53 percent of Capricorn, which had assets in Mauritania and Egypt.
  • What is Tullow Oil plc and what is its primary industry?: Tullow Oil plc is a multinational company engaged in oil and gas exploration. Its primary industry is the exploration and production of hydrocarbons.
  • Who founded Tullow Oil, and what was its initial focus?: Tullow Oil was founded by Aidan Heavey in 1985. Initially, it operated as a gas exploration business in Senegal.

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