Tullow Sees Increase in Profits

Tullow Oil achieved a more than tenfold increase in annual net profit on Thursday on the back of its purchase of North Sea fields from BP. The gas-focused company, which changed its domicile from Ireland to the UK in 2000, achieved net profit of 9.3 million pounds ($13.4 million) for 2001, up from 0.8 million the year before, on turnover up 882 percent at 76.6 million.

Tullow said the 201 million pounds acquisition from BP in 2001 and start of production from the Espoir oilfield offshore Ivory Coast will "likely to lead to a significant contribution to profits for many years to come".