Petroceltic Cuts Full-Year Production Outlook
Sept 9 (Reuters) – Irish oil and gas company Petroceltic International cut its production forecast for the full year due to lower-than-anticipated output in Egypt.
Petroceltic, which focuses on the Middle East and North Africa region, the Mediterranean basin and the Black Sea region, said it expected production to be between 24,500 barrels of oil per day (boepd) and 25,500 boepd in the year ending Dec. 31. ()
The company said in January that it expected 2013 production to be between 25,000 boepd and 27,000 boepd.
"Although there has been no consistent or on-going disruption to the business, a number of separate factors caused Egyptian production to be slightly below anticipated levels in the first half," the company said in a statement on Monday.
The company's pretax loss widened to $5.29 million in the six months ending June 30, from $3.2 million a year earlier.
Revenue rose to $104 million from $291,000 a year earlier.
Petroceltic bought Melrose Resources last year for 165 million pounds to gain access to producing assets in Egypt and Bulgaria and strengthen its operations in North Africa and the Black Sea region.
Egypt, which is enduring the worst internal strife in its modern history since the army overthrew President Mohamed Mursi in early July, accounted for nearly 60 percent of Petroceltic's revenue.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea