Investment case

Our highly experienced leadership team has delivered transformational value for more than 20 years.

How we create value

We seek to create, add and realise value for stakeholders through the exploration, development and production of oil and gas within a self-funding business model. Production provides the cash flow to sustain the material value upside potential of exploration and development activity.

Reshaping the business

Our track record of effective portfolio management has provided significant returns to shareholders. The sale of our Indian business in 2012 enabled the rebuilding of our portfolio in the UK and Atlantic Margin. This successful approach to value continued in 2020 with the sale of our assets in Senegal and Norway. We have created a strong platform for future growth with active positions in a number of countries, providing significant acreage positions of technical and commercial value.


Exploration is a core part of our DNA. Alongside continued exposure to select frontier opportunities with transformational value potential, we are increasingly focused on targeting high value and/or low-cost resources, with optimal development timelines, scale and in supportive fiscal environments. We focus on basins where we can extract significant value, where we see a path to reduced environmental impact and on the carbon footprint of potential new discoveries.


Development and production

We aim to access attractive opportunities to grow and diversify the production base, reinforcing our sustainable business offering. New opportunities must enhance our financial flexibility, satisfy our strict investment criteria and remain robust in the face of ongoing commodity price volatility and against the longer-term backdrop of the energy transition. Our production assets provide balance to the exploration portfolio and deliver the cash flow to sustain future exploration.

Financial strength

Our financial flexibility sits at the core of our strategic execution, with an ongoing focus on retaining balance sheet strength, liquidity, and control over our own destiny. That financial flexibility affords us a differentiated freedom to both actively manage the portfolio and to pursue accretive growth opportunities at what we believe is an attractive point in the cycle. Our financial flexibility also affords us the potential to make further shareholder returns as we balance capital discipline, sustainability and growth opportunities.

Working responsibly

Corporate responsibility remains at the heart of our business. We continue to prioritise the health, safety, security and well-being of our people, while promoting safe behaviours among contractors and partners. We remain committed to protecting the environment in the areas where we operate. Good governance is critically important, and we are committed to meeting all our obligations in a responsible and transparent manner.

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