Petroceltic Upbeat On Ain Tsila As Sonatrach Calls For Cost Cuts

Algerian upstream projects have typically been plagued by multi-year delays. But, though its core Ain Tsila development has already been pushed back, Irish independent Petroceltic says it expects to award the EPC contract this year and bring the gas-condensate field online by the end of 2018.

London-listed Petroceltic this week announced the award of a development drilling contract for its core asset, the 2.1 tcf Ain Tsila gas field in southeast Algeria to China’s Sinopec. This paves the way for drilling to start this year.

This also coincides with calls from state-owned Sonatrach to service companies operating in Algeria to cut their costs by up to 15% to fend off the impact of lower oil prices. (CONTINUED - 1025 WORDS)