Exploration and production company Tullow Oil says that on average it produced 64,720 barrels of oil equivalent per day (boepd) last year. This was 11% higher than in 2005.
In a trading statement, Tullow said it had hit 75,000 boepd by the end of the year and expected to average 80,000 in 2007. Average oil prices were significantly higher than 2005 at $62 a barrel.
The company said it drilled 12 exploration wells last year, seven of which found oil or gas. Five of these were in the Albertine Basin in Uganda, where the company plans an 'accelerated' programme of activity this year.
Tullow plans 20 exploration wells this year, with the main focus on Uganda, Namibia and India.
The company recently completed the acquisition of the assets of Hardman Resources. Its net debt at the end of the year was £169m.
