Tullow Oil described 2001 as an outstanding year following its acquisition of North Sea wells and the development of new projects in the Ivory Coast.
Turnover surged by 882 per cent to £76.6 million sterling due to the purchase of North Sea assets from BP for £201 million. Operating profit rose 1,989 per cent to £26.3 million.
Tullow chairman Mr Pat Plunkett said the North Sea acquisition and first oil from Tullow’s principal international development, located off Cote d'Ivoire, leaves the company well placed to develop.
"We look forward to the future with great confidence and optimism," he said.