Petroneft records $7m loss for 2010

IRISH exploration company, Petroneft has reported a full-year loss for 2010 of $7.12 million (just under €5m); up on the previous year’s loss of $6.5m.

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.