UK Melrose Resources eyes 24% rise in daily production on Bulgarian operations.

By bne IntelliNews December 20, 2010
UK-based oil and gas producer Melrose Resources targets a 24% rise of average daily production rate thanks to its operations in Bulgaria, Focus news agency reported. The company expects its average daily production to reach 21.7mn barrels of oil equivalent per day on a net entitlement basis in 2011. "We are looking forward to 2011 when we will start to see the full benefit of the increase in cash flow from our new Bulgarian developments", chief executive David Thomas said. The newly producing fields in Bulgaria will help the company double its sales next year and account for half of its revenue. In November, the company announced its first natural gas production from the Kaliakra and Kavarna fields in the Black Sea, offshore Bulgaria. The production from the two fields accounts for about 15% of the domestic gas demand and might be increased if the company starts production from its third gas field Kavarna East. The company has also drilled the Galata field, which it is going to transform into a gas storage facility jointly with state gas monopoly Bulgargaz. Melrose Resources has also operations in Egypt, Romania and Turkey.

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