Profit at exploration firm Tullow Oil soared last year and revenue reached record levels as the firm increased oil and gas production.

Pretax profit at the company rose to more than $1 billion (€760 million), compared with $179 million in 2010. Sales revenue was $2.3 billion, rising by more than 100 per cent on the previous year's $1.1 billion as sales volume increased and prices rose.

Oil and gas production rose by 35 per cent to an average of 78,200 barrels of oil equivalent per day (boepd).

Despite the increase, the company noted that production at its Jubilee field in Ghana was lower than expected, and remedial works are planned this year to boost output.

Looking ahead to the rest of the year, Tullow said it expected total net production to reach between 78,000 and 86,000 boepd.

Chief executive Aidan Heavey said the company would invest in key development projects in Ghana and Uganda in the coming year.