Afren tops $1bn revenue mark

Revenue at energy firm Afren smashed through the $1bn (£630m) barrier for the nine months to September, up 245 per cent on last year. Pre-tax profit soared 264.7 per cent, coming in at $411.8m over the period. The record results were driven by year-on-year increase in production from two fields offshore Nigeria. Production started at the Okoro field after a discovery in January, and it has been producing at a rate of 5,000 barrels of oil a day, the firm said yesterday.