London. Oil exploration firm Tullow Oil (UK:TLW 1,271, -10.00, -0.78%) said Wednesday that its 2009 net profit declined to 15.1 million pounds ($22.5 million), from 223.2 million pounds recorded at the same point a year ago. Revenue declined to 582.3 million pounds, from 691.7 million pounds last year.
The firm said that commodity prices and sales volumes fell over the year while portfolio management activities boosted profit significantly in 2008. It said that the outlook for 2010 is "very positive" with first oil expected from its Jubilee development in the second half of 2010.
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