Petroceltic targets 20m barrels of oil

Dublin-based exploration company Petroceltic International has forecast total production levels of 20 to 22 million barrels of oil equivalent per day for this year.

The company — whose assets are spread across northern Africa, southern Europe and Asia — said, yesterday that it has set aside $130m (€95m) for capital expenditure purposes for 2014, with activity likely at its operations in Kurdistan, Egypt, Algeria and Romania.

More than half of that outlay will go towards development with the remainder earmarked for exploration work.