Tullow Oil celebrates record year, profits increase five-fold

Pre-tax profit at Africa-focused oil and gas giant Tullow Oil broke through the one billion dollar barrier in 2011, helped by a ramp-up in production and significantly higher commodity prices.

Pre-tax profit at Africa-focused oil and gas giant Tullow Oil broke through the one billion dollar barrier in 2011, helped by a ramp-up in production and significantly higher commodity prices.

"2011 was a very good year for Tullow. Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa," the firm said.

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