Oil boss warns of $15 increase

TULLOW Oil chief executive Aidan Heavey warned yesterday that oil prices of $75 per barrel will become a fact of life.

The higher oil and gas prices are good news for the group, which said the first half of the year had set a record, not just in terms of production but also in terms of revenue, given the worldwide increases in energy prices.

Tullow Oil more than doubled its output for the same period last year to 57,350 barrels of oil a day.