Irish oil and gas exploration and production company Petroceltic International said on Wednesday its Bulgarian operations generated $34.9 million (26.9 million euro) in revenue in the first half of 2014, providing the company with a stable cash flow.
By comparison, Petroceltic's total revenue in the period amounted to $96.3 million, it said in an interim results announcement.
Production in Bulgaria was at the level of 4,200 barrels of oil equivalent per day (boepd) through June out of a total 25,200 boepd. The company has a 100% operated interest in three producing gas fields offshore Bulgaria in the Black Sea and one future development. Its business is centred around the Galata field, whose facilities are shared by the Kaliakra and Kavarna fields using subsea infrastructure.
The gas produced in the fields meets about 10% of the current Bulgarian gas demand, the company added. It was sold to two customers - the state owned Bulgargaz and fertiliser plant Agropolychim.Petroceltic International, which merged with Melrose Resources in a deal completed in October 2012, is focused on North Africa, Mediterranean and the Black Sea regions. The other contributor to the first-half revenue is Egypt which brought $61.2 million. The company, however, suffered a loss of $57.4 million, up from $16.1 million a year earlier, burdened by $64.3 million in write offs as a result of unsuccessful wells in Kurdistan, Romania and Egypt.