Afren’s annual profits treble

City A.M. Reporter
AFREN said its full-year profit nearly tripled in 2011, benefiting from a key oil field in Nigeria, and all eyes are now on the British oil firm’s field in Kurdistan that is set to start production in August.

Afren’s pre-tax profit in 2011 rose to $221m (£138.3m) from $79m in 2010.

The Barda Rash field in Kurdistan in Iraq, in which Afren acquired a 60 per cent interest last year, should produce 10,000 to 15,000 barrels per day by the end of the year, chief executive Osman Shahenshah said.

The company said it was on track for producing 42,000 to 46,000 barrels of oil equivalent per day in 2012.