TULLOW OIL SK LIMITED
Company Information
- Company Number
- 05287330
- Registered Address
- 9 Chiswick Park, 566 Chiswick High Road, London, W4 5XT
- Status
- Active
- Employee Count
- 0
- Turnover
- Coming Soon
- EBITDA
- -£3,136,000
Additional Details
- Website
- https://tullowoil.com
- Company Type
- Private limited Company
- Incorporated On
- 16 November 2004
- Nature of Business
- 06100 - Extraction of crude petroleum
- Industries
- Energy
- Region
- London
Time to Pay
Payment Timeline
Payment Features
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 26 | 95% | 3% | 2% | 1% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 26 | 82% | 14% | 4% | 1% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Tullow specifies payment period of 30 days from receipt of a true, correctly prepared and adequately substantiated invoice in all of its standard contract models. Tullow sometimes varies standard payment terms by reducing the payment period from 30 days to 15 days based on negotiations with suppliers and consultation with Finance. Tullow does not specify a maximum payment period in its model contracts, however Tullow provides for suppliers’ right to charge interest on any invoices overdue. Tullow does require that invoices be submitted within 3 months of the work qualifying for payment to ensure discipline.
Were there any changes to the standard payment terms in the reporting period?
Yes, see response to our dispute resolution process below.
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
Dispute Resolution Process
Tullow reserves the right to dispute items on the invoice. Tullow changed its standard invoice dispute clause in 2018 so most newly entered contracts provide that Tullow will pay undisputed items on the invoice upon receipt of a new invoice for the undisputed portion and supplier’s credit note for the original disputed invoice in accordance with payment terms agreed in the contract. For a minority of contracts entered into in 2018 and for contracts entered into before 2018, Tullow undertakes to pay the undisputed items on the invoice upon receipt of a supplier’s credit note amending the original disputed invoice. Tullow also reserves the right to withhold disputed amounts from any money due under the contract. Suppliers then have a right to submit invoices for any money due once the dispute is settled. All Tullow contracts provide for parties resolving disputes amicably, expeditiously and in good faith.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
❌
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
TULLOW OIL SK LIMITED is a leading oil and gas exploration and production company based in the United Kingdom. The company is committed to sustainable development and has implemented various initiatives to minimize its impact on the environment.
The company's sustainability program includes reducing its carbon footprint, promoting responsible water management, and implementing community development projects in the areas where it operates. TULLOW OIL SK LIMITED also focuses on maintaining high safety standards to ensure the well-being of its employees and the surrounding communities.
The company's main products and services include oil and gas exploration, development, and production. They have operations in several countries, including Ghana, Kenya, and Uganda. TULLOW OIL SK LIMITED also offers technical and operational support to its partners in the oil and gas industry.
The key people at TULLOW OIL SK LIMITED include the CEO, Rahul Dhir, who has over 25 years of experience in the oil and gas industry. The company also has a highly experienced management team with expertise in various areas such as exploration, finance, and operations.
For more information on TULLOW OIL SK LIMITED and its operations, interested individuals can visit their website at www.tullowoil.com. The registered office address for the company is 9 Chiswick Park, 566 Chiswick High Road, London, W4 5XT, United Kingdom.
