Tullow Oil sees profits increase in 2012

Wednesday 13 February 2013 07.50
Tullow Oil said it had exploration success in Kenya, Uganda and Ghana
Tullow Oil said it had exploration success in Kenya, Uganda and Ghana

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.”