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

Oil and gas exploration group Tullow Oil has said it saw record levels of trading in the first half of this year, due to high oil and gas prices and a strong production performance.

2004 was a record year for production and profit at Tullow Oil and 2005 indicators are encouraging, the company's Annual General Meeting today has heard.

OIL and gas exploration company Tullow Oil said yesterday that it had completed the acquisition of oil giants Esso and Shell’s interests in the Schooner and Ketch gas fields in the North Sea.

Oil and gas exploration and production company Tullow Oil has completed the acquisition, from Shell and Esso, of their producing interests in the Schooner and Ketch gas fields and associated acreage.

Oil and gas exploration company Tullow Oil has approved a total exploration budget of some £40m (€58m) for 2005, the company said in a trading update today.

TULLOW Oil has announced its second major takeover this year.

The ISEQ began the week in the red today, falling 13.94 points to close the day at 6,160.55.

The ISEQ index of shares was down 13.07 points to 6,161.42 at 11am this morning as Elan suffered heavy losses.

Tullow Oil announced today that it has entered into agreements with Shell UK Limited and Esso Exploration and Production UK Limited to purchase their entire producing interests in the Schooner and Ketch gas fields and surrounding acreage.