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Falling oil prices have hit North Africa-focused independents hard. For Ireland’s Petroceltic a lot now rides on its core Algeria project proceeding like clockwork.
The business model of London-listed Petroceltic relies on using ongoing Egyptian production revenue to finance development at its key 2.1 tcf Ain Tsila gas field in Algeria.
But the firm’s Egyptian production fell sharply last year. And it is set to fall much further this: the firm’s latest output forecasts, released this week, are way down on those given at the start of the year. The firm now forecasts 14,000-15,000 boe/d for 2015, well below not only 2014’s 22,500 boe/d, but also its January’s previous 16,600-18,500 boe/d 2015 forecast (see table). Egypt, where the 2015 output forecast has been slashed by 3,000 boe/d since January, accounts for 85% of total output.
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