Tullow Oil
Corporate brand
UnclaimedIndependent oil and gas exploration and production company with a historic focus on Africa.
Last updated October 16, 2026
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Overview
Tullow Oil is an independent oil and gas exploration and production company headquartered in London. Founded by Aidan Heavey in 1985 in Tullow, Ireland, the business began as a gas exploration company operating in Senegal and subsequently developed into an international exploration and production group. It listed shares in London and Ireland in 1986 and entered the FTSE 100 index in 2007. The company expanded through acquisitions, discoveries and partnerships. In 2000 it acquired North Sea gas fields and related infrastructure from BP, while also re-registering in the United Kingdom. Its 2004 acquisition of Energy Africa significantly broadened its African portfolio. Exploration in Uganda began in 2006, followed by major offshore Ghana discoveries in 2007. The Jubilee field, discovered with partners in Ghana, became Tullow’s most important producing asset and was brought on stream in 2010, unusually quickly for a deepwater development. Further Ghanaian discoveries included the Tweneboa, Enyenra and Ntomme resources, collectively associated with the TEN development. Tullow also built a substantial position in Uganda’s Lake Albert region. It acquired Heritage Oil’s interests in Ugandan licences in 2010 and later farmed down most of its interests to Total and CNOOC. The transaction generated substantial proceeds and left Tullow, Total and CNOOC as partners in the planned development. Disagreements over taxation, development plans, export infrastructure and the proposed refinery and pipeline delayed progress for years. Tullow subsequently agreed to sell its remaining Ugandan interests to Total in 2020, subject to cash and contingent consideration. Kenya became another important exploration area after an oil discovery in the Lokichar basin in 2012. However, development faced commercial, logistical, environmental and community challenges. Tullow’s activities in Turkana County generated disputes over land access, employment, compensation and local participation, including demonstrations and temporary disruption of drilling operations. The company has also experienced periods of financial and operational pressure. Production delays at Jubilee, the high projected cost of developing TEN, low oil prices and declining investor confidence affected its share price and financing requirements. In 2017 Tullow announced a $750 million rights issue. Leadership changed materially after founder Aidan Heavey retired from the board in 2018, Paul McDade resigned as chief executive in 2019, and Rahul Dhir became chief executive in 2020. Tullow’s activities have attracted scrutiny over alleged bribery, tax planning, tax disputes, political relationships, environmental incidents, executive remuneration and community impacts. Several allegations were contested by the company, and the company prevailed in its 2013 arbitration with Heritage Oil concerning the Ugandan tax payment. Tullow remains principally associated with upstream oil and gas production and development in Africa, particularly Ghana, while its portfolio and corporate strategy have changed over time in response to capital constraints, commodity prices, partner transactions and regulatory pressures. Tullow’s activities have drawn scrutiny over alleged bribery, tax planning, tax disputes, political relationships, environmental incidents, executive remuneration and community impacts. The company has disputed several allegations and won arbitration against Heritage Oil in 2013 over Ugandan tax payments. Tullow is primarily associated with upstream oil and gas production and development in Africa, especially Ghana, while its portfolio and corporate strategy have shifted over time with capital constraints, commodity prices, partner transactions and regulatory pressure.
History
Tullow Oil was established in 1985 by Aidan Heavey in Tullow, Ireland. Its initial business was gas exploration in Senegal. The company listed in London and Ireland in 1986 and later became a constituent of the FTSE 100 in 2007. During its early expansion, Tullow combined exploration activity with acquisitions intended to provide producing reserves and infrastructure. A major early transaction came in 2000, when Tullow acquired North Sea gas fields and infrastructure from BP for approximately £201 million. Around the same time it re-registered in the United Kingdom. In 2004 it acquired Energy Africa for approximately $570 million, substantially increasing its African presence and providing a platform for further exploration and production. Tullow began drilling in Uganda in 2006 and developed interests around Lake Albert. In 2007, deepwater drilling offshore Ghana led to the discovery of the Jubilee oil field. Jubilee became the company’s defining asset: production started in November 2010, around forty months after discovery. Further Ghanaian exploration identified the Tweneboa, Enyenra and Ntomme resources, which formed the basis of the TEN development. Not every well was successful; the Teak-4A well was plugged and abandoned in 2012 after encountering non-commercial reservoirs. Uganda became the centre of both Tullow’s growth and its legal and political exposure. In 2010 Tullow acquired Heritage Oil’s interests in two Ugandan blocks for approximately $1.45 billion. The acquisition involved a disputed capital-gains tax claim. Tullow later agreed to transfer two-thirds of its Ugandan interests to Total and CNOOC in a transaction completed in 2012. The partners continued to face disagreements with Uganda over development arrangements, taxation, a refinery and an export pipeline. The Ugandan portfolio generated several controversies. Parliamentary investigations beginning in 2011 examined bribery allegations involving Tullow and senior Ugandan officials; Tullow rejected the allegations. A separate tax dispute proceeded through international arbitration. In litigation with Heritage Oil, evidence and allegations concerning tax payments, political influence and internal communications received considerable attention. Tullow won the arbitration in June 2013. Campaign groups also criticised the company’s tax arrangements and political relationships, while Tullow maintained that it acted lawfully and ethically. Tullow’s Kenyan exploration programme expanded after an oil discovery in the Lokichar basin in 2012. Operations in Turkana County were affected by community demands concerning land, jobs and benefits, as well as disputes over exploration access. In 2013 drilling was temporarily suspended after demonstrations, intrusion into facilities and damage, before talks with local leaders enabled activity to resume. The company also faced criticism over alleged waste dumping in Uganda; Tullow attributed the cited incident to contractors and subcontractors. Operational setbacks, production delays at Jubilee, the cost of developing TEN and weaker oil prices placed pressure on the company. Investor criticism intensified when executive remuneration rose during a period of declining share performance. In 2017 Tullow launched a $750 million rights issue. Founder Aidan Heavey left the board in 2018. Paul McDade resigned as chief executive in late 2019, and Dorothy Thompson served as executive chair during the transition. Rahul Dhir was appointed chief executive effective July 2020. In April 2020 Tullow agreed to sell its Ugandan assets to Total for $575 million in cash together with contingent payments after first oil. The agreement illustrated the company’s shift toward portfolio rationalisation and capital discipline. Tullow’s history therefore combines frontier exploration success, major African discoveries and upstream production with recurring exposure to taxation, financing, environmental, community and governance disputes.
- 2020
Ugandan asset sale agreed
[1]Tullow agreed to sell its Ugandan assets to Total for cash and contingent consideration.
- 2017
Rights issue
[1]Tullow announced a $750 million rights issue amid low oil prices and financial pressure.
- 2012
Uganda farm-down completed
[1]Tullow completed the transfer of two-thirds of its Ugandan interests to Total and CNOOC.
- 2010
Jubilee production starts
[1]The Jubilee field began production in November.
- 2007
Jubilee discovery
[1]Deepwater drilling offshore Ghana resulted in the discovery of the Jubilee oil field.
- 2004
Energy Africa acquisition
[1]Tullow completed the acquisition of Energy Africa, expanding its African upstream portfolio.
- 2000
North Sea acquisition from BP
[1]The company acquired North Sea gas fields and infrastructure from BP and re-registered in the United Kingdom.
- 1986
London and Irish listings
[1]Tullow listed its shares on the London and Irish stock exchanges.
- 1985
Company founded
[1]Aidan Heavey founded Tullow Oil in Tullow, Ireland, initially as a gas exploration business.
Products and positioning
Independent upstream oil and gas company focused historically on frontier and emerging African basins.
Offshore crude oil production · 2010
Jubilee Field
Ghana’s Jubilee field is Tullow’s best-known producing development. Discovered offshore in 2007, it was developed with partners and began production in 2010. The field established Ghana as a significant offshore oil province and became central to Tullow’s production profile, although output and operating performance later faced delays and technical challenges.
Offshore oil development
TEN development
TEN refers to the Tweneboa, Enyenra and Ntomme resources offshore Ghana. The discoveries expanded Tullow’s Ghanaian resource base and represented a major planned development, but high projected costs and operational complexity created financial and execution pressure for the company.
Onshore oil exploration and development
Lake Albert assets
The Lake Albert portfolio in Uganda comprised interests in major onshore oil licences acquired from Heritage Oil in 2010. Tullow later farmed down much of the position to Total and CNOOC and agreed to sell its remaining Ugandan interests to Total in 2020, subject to cash and contingent payments.
Onshore oil exploration · 2012
Lokichar Basin exploration
Tullow’s Kenyan exploration programme centred on the Lokichar basin in Turkana County, where an oil discovery was announced in 2012. The project faced infrastructure, commercial, environmental and community-access challenges, including disputes over land use, employment and local benefits.
Controversies
2013
Tax planning and political influence criticism
Campaign groups and court proceedings scrutinised Tullow’s tax arrangements, political relationships and the handling of tax payments connected with its Ugandan assets. The company disputed accusations of improper conduct.
2013
Waste-dumping allegations in Uganda
Tullow faced criticism after allegations that human and drilling waste had been improperly discarded in Uganda. The company attributed the reported human-waste incident to contractors and said responsibility lay with them.
2011
Ugandan bribery allegations
Ugandan parliamentary investigations examined allegations that Tullow was connected to bribery involving senior government figures. Tullow denied the claims and told investigators that documents supporting them were forged.
Brand decisions
2020
Sell Ugandan assets to TotalM&ABackground
Tullow was rationalising its portfolio and seeking to reduce capital demands associated with the Ugandan development.
Action taken
The company agreed to sell its Ugandan assets to Total for cash plus contingent payments linked to future production.
Aftermath
The agreement marked Tullow’s planned exit from its Ugandan upstream interests.
Cash consideration. $575 million (2020 announcement)
2017
Launch a rights issueStrategyBackground
Low oil prices and pressure on the upstream business increased Tullow’s financing needs.
Action taken
Tullow announced a $750 million rights issue.
Aftermath
The financing was intended to strengthen the balance sheet and support the company during a difficult commodity-price environment.
Rights issue size. $750 million (2017)
2012
Farm down Ugandan interestsM&ABackground
Tullow needed partners and capital to advance the Lake Albert development.
Action taken
It transferred two-thirds of its Ugandan interests to Total and CNOOC.
Aftermath
The transaction generated approximately $2.9 billion and left the three companies as development partners.
Transaction proceeds. $2.9 billion (2012)
2004
Acquire Energy AfricaM&ABackground
Tullow sought to expand its African exploration and production base.
Action taken
The company completed the acquisition of Energy Africa.
Aftermath
The transaction broadened Tullow’s African portfolio and supported later regional expansion.
Acquisition value. $570 million (2004)
Recent events
Reported
Tullow Oil launches bond sale as part of debt refinancing[3]
Tullow Oil said it was launching a $1.8 billion bond sale and had received a $600 million credit facility from banks as part of a major debt refinancing.
Reported
Tullow announces bond offer and revolving credit facility[4]
Tullow Oil announced a US$1.8 million bond offer and said it had received commitments for a US$600 million super senior revolving credit facility. It said the aim was to extend borrowing maturities, with bond proceeds intended to repay reserves-based lending and debt coming due in 2021 and 2022.
Reported
Tullow Oil agrees to sell Ugandan assets to Total[5]
Tullow Oil agreed to transfer its interests in four Ugandan blocks and the proposed East African Crude Oil Pipeline System to Total Uganda for $575 million, plus potential contingent payments after first oil.
Reported
Tullow Oil appoints Rahul Dhir as chief executive[6]
Tullow Oil announced that it had appointed Rahul Dhir, then leader of Delonex, as its chief executive. Dhir was scheduled to take over on July 1.
Reported
Tullow appoints Mark MacFarlane chief operating officer[7]
Tullow Oil plc announced that Mark MacFarlane had been appointed chief operating officer in a non-board role.
Reported
Tullow appoints Dorothy Thompson temporary executive chair[7]
Tullow Oil plc announced that Dorothy Thompson had been appointed executive chair on a temporary basis.
Reported
Tullow CEO and exploration director resign from board[7]
Tullow Oil plc said CEO Paul McDade and exploration director Angus McCoss resigned from its board by mutual agreement with immediate effect.
Sources12 sources
- 1Tullow Oilen.wikipedia.org
- 2Tullow Oil official websitetullowoil.com
- 3Tullow Oil启动债券发行以进行债务再融资irishtimes.com
- 4Tullow宣布债券发行和循环信贷额度themarketreporter.co.uk
- 5Tullow Oil同意将乌干达资产出售给Totalfinanznachrichten.de
- 6Tullow Oil任命Rahul Dhir为首席执行官splash247.com
- 7Tullow任命Mark MacFarlane为首席运营官rigzone.com
- 8Tullow Appoints New CEOrigzone.com
- 9Tullow Oil appoints Delonex chief Dhir as new CEOrte.ie
- 10Tullow Oil appoints Rahul Dhir as CEObusiness-standard.com
- 11Tullow Oil CEO Resignsmodernghana.com
- 12Tullow Oil Plc. appoints new CEObusinessghana.com
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