Tullow outlines plans for year

Tullow Oil has a record year of drilling activity planned for 2013 — saying yesterday it anticipates drilling 49 wells and achieving annual production rates of between 86,000 and 92,000 barrels of oil equivalent per day (boepd).

The Irish-founded oil and gas exploration firm said — via its end-of-year trading update — that it is “well-positioned for a very successful 2013 and growth beyond”.

This was despite reporting a full-year production rate of 79,200 boepd for 2012 — just short of its previous 80,000-84,000 guidance range, and mainly due to the end of production at part of its North Sea asset base.