Exploration and production company Tullow Oil has said it expects to reportrecord results for 2011, with the value of sales set to double to $2.3 billion.

The performance was due to increased production - particularly from its Jubilee field off Ghana - and higher commodity prices.

In a trading update, Tullow said its production increased to 78,200 barrels of oil equivalent per day (boepd). It forecast that this figure would be between 78,000 and 86,000 boepd this year.

Production from its Jubilee field is currently more than 70,000 boepd, according to Tullow.

But the company said production had fallen from 88,000 boepd during the year, blaming the drop on "a technical issue related to the design of the well completions". Tullow said this was not expected to have any impact on the field's reserves and resources, and that work aimed at recovering the lost productivity at the well had started.

The company said commodity prices were significantly higher last year than in 2010, with its oil being sold at an average price of $112 a barrel. Net debt at the end of 2011 was $2.8 billion.

Chief executive Aidan Heavey said Tullow expected significant progress in Ghana and Uganda this year.

Meanwhile, the company has announced a partnership with Shell, aimed at developing new exploration plans in under-explored areas in the Atlantic Ocean.