Tullow Oil sees profits increase in 2012

Updated: Wednesday, 13 Feb 2013 07:07

Tullow Oil recorded an operating profit of $1.18 billion last year, according to the company’s latest results, a 5% increase on 2011.

The oil and gas exploration company and production group generated revenues of $2.34bn, up 2%, with a $1.11bn profit before tax.

The company said it had invested close to $1bn in exploration and appraisal during 2012, drilling 46 wells with a 74% success rate.

It reported the discovery of a new oil basin in Kenya as well as success in Uganda and Ghana.

“2012 was a year of major progress for Tullow,” said CEO Aidan Heavey.

“Our financial position underpins our highly ambitious 2013 exploration programme which has high-impact wells planned in Kenya, Ethiopia, Norway, Mauritania, Mozambique, Côte d’Ivoire and French Guiana. This focus on exploration-led growth, together with active portfolio management and Tullow’s strong balance sheet, provides an excellent platform for growth in 2013 and beyond.”