Tullow oil reports profits fall

The independent oil and gas exploration and production group, Tullow Oil announced profit before tax £114.2m (€149m) for the year ended 2007, a decrease of 57% on 2006.

Revenues rose by 10% to £639.2m (€834.6m) in a year in which the company said it had recorded its largest ever discovery, the Jubilee field offshore Ghana.