Gas was better protected than oil from world price fluctuations because it was a ready, refined fuel, the managing director of Tullow Oil, Mr Aidan Heavey, said after the company's agm yesterday.

Commenting on the company's exposure in emerging markets such as Pakistan, India and Bangladesh, he said that whereas oil was traded on a daily basis gas prices were based on international fuel oil prices, calculated generally over a six-month period. "Quite a lot of gas contracts have a fuel pricing on them. Companies that have gas projects rather than oil ones have fared a lot better than oil companies," he said.