Tullow Oil's North Sea fields will be in full production this year and exploration is continuing in Africa and Asia, the company said today.
In a trading statement issued today Tullow said the Schooner and Ketch assets in the North Sea - which the company bought for £200 million sterling - and Energy Africa - which was bought for £570 million - will raise production from the 40,600 barrels per day produced in 2004.
Production for January is averaging about 56,000 barrels per day.
Tullow's exploration interests are also showing promise. In Bangladesh the Bangora-1 well is being tested for long term production. A successful exploration well was also drilled into the Akom North oil prospect in Equatorial Guinea.
During 2005 Tullow will actively participate in development activity in the North Sea, Congo, Equatorial Guinea, Gabon, Namibia, Cote d'Ivoire and Pakistan.
Planned expenditure is budgeted at approximately £75 million, with the primary focus on the North Sea and West Africa.
In addition, Tullow has approved a total exploration budget of some £40 million for 2005 with the objective of drilling at least 15 wells. Of those wells, a number remain subject to further technical review and partner approval.