Petroneft records $7m loss for 2010
The Dublin-headquartered oil and gas explorer said that the increase in losses was mainly due to a $2.2m rise in overheads, partly due to the addition of new staff in its Tomsk-based operations, during the year.
However, the company has hailed 2010 as a transformational year and is set to undertake its largest investment to date this year.
“Last year was a transformational year, which saw us evolve from an exploration company to one with both exploration and production. Our proved and probable oil reserves grew by 37% with the addition of two new oil fields to our portfolio,” Petroneft’s chief executive, Dennis Francis said.
He added that 2011 is shaping up to be the company’s busiest year to date, “with production continuing to grow on the back of 17 new production wells and 120 million barrels of reserve growth targeted by a major five well exploration programme, both of which are already under way.”
Year-round production at Petroneft’s Tomsk-based reached 3,100 barrels of oil per day from nine wells.
This year, the firm intends to invest $53m — the largest amount it has ever invested in a single year — on fresh drilling and increasing capacity at existing facilities.
Meanwhile, Kenmare Resources — the Dublin-based company which owns and operates the Moma titanium mine in Mozambique — has appointed the Singapore- based former Rio Tinto executive, Bruno Cavalancia as its head of commercial and strategic development for Asia.
Kenmare sells minerals into China, but is looking to increase its business there and is also looking at sales opportunities in Japan.
“Following the expansion of the Moma mine, we will be producing 10% of the world’s titanium feedstock output. The expansion allows us to serve new markets and strengthen and expand our customer base,” said Kenmare’s general manager for sales and marketing, Eamonn Keenan.
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