Petroceltic cuts production targets
The Dublin-headquartered company — whose operational footprint stretches across northern Africa, the Middle-East and south-west Europe — said in its interim results statement yesterday that the recent civil unrest in Egypt has actually only had a limited impact on its activities there.
The slightly below expectations production levels from Egypt during the first half of the year — 97 million standard cubic feet of gas per day (mmscfd) and 2,825 barrels of oil equivalent per day (boepd) — were more to do with a “short operational interruption” at the South Batra gas plant and a “comprehensive well integrity review programme”, which required two wells to be shut, pending routine remedial work.
