Tullow posts big increase in profit

UPDATE: Africa-focused exploration company Tullow Oil posted profit after tax of $689 million in 2011, up 670 per cent on 2010. Revenue at the company was up 111 per cent to $2.3 billion.

14th March, 2012
Tullow posts big increase in profit
Tullow Oil chief executive Aidan Heavey.

Africa-focused exploration company Tullow Oil posted profit after tax of $689 million in 2011, up 670 per cent on 2010. Revenue at the company was up 111 per cent to $2.3 billion.

The company said that its strong financial performance has been based on a 35 per cent increase in production and significantly higher commodity prices. During 2011, Tullow opened a major new basin offshore French Guiana as well as further discoveries in Africa.

Tullow plans to expand through exploration rather than seek...

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