Irish independent Petroceltic is anticipating lower production and investment volumes in 2014, as it seeks to move forward on a key Algerian gas project and focuses its spending on Egypt.

The firm hopes to secure a gas sales contract and award a key engineering contract at the 2.1tcf Algerian Ain Tsila gas field. While the project is slowly moving towards production, Petroceltic’s greatest investments will lie in Egypt, where the company is planning to drill a wildcat exploration well, and has added to its acreage when three concessions were finalized late last year. (CONTINUED - 427 WORDS)