Irish exploration company Petroceltic today predicted production of up to 22 million barrels a day in 2014.
The firm, which is focused on the Middle East and North Africa, Mediterranean and Black Sea, today said 2013 production was in-line with guidance at 25.2 million barrels of oil equivalent per day.
Petroceltic said a testing programme was planned at the Shakrok well in Kurdistan, while three new high potential licences in Egypt will increase the firm’s core exploration acreage in the country by more than 300%.
The firm reported “significant progress” on the Ain Tsila project in Algeria and confirmed front end engineering and design award and signature of detailed gas sales contract are due during the first quarter of 2014.
Highlights for 2013 also included the completion of new subsea well tie-back in Bulgaria and facilities expansion projects in Egypt.
The firm said it had received significant cash receipts from the Egypt General Petroleum Corporation in December last year, and it would continue to work with counterparts in the country to receive the remaining money owed.
“2013 was a year of solid progress, with highlights including the successful farm-out of the Ain Tsila Field in Algeria and the completion of a £305million debt facility, with availability for projects in Algeria, Egypt and Bulgaria,” said chief executive Brian O’Cathain.
“We are looking forward to significant progresson the Algeria Ain Tsila development in 2014, and to potentially exciting exploration results in Romania and in the Kurdistan region of Iraq.”