Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Bulgarian Natural Gas Fields Boost Revenue of Melrose Resources
BULGARIAN NATURAL GAS FIELDS BOOST REVENUE OF MELROSE RESOURCES
Date: 23/03/2011
Source: novinite.com
Bulgarian Natural Gas Fields Boost Revenue of Melrose Resources

UK oil and gas group Melrose Resources Plc has reported an increase of its 2010 revenues as a result of its development of Bulgarian natural gas fields.

Melrose Resources reported a pre-tax profit of USD 30 M for the year to December, down from the previous USD 31 M, on revenue up 7% to USD 24 M from USD 224 M, Stock Market Wire reported.

The rise in revenue reflected increased production volumes from Bulgaria as new gas fields came on stream, the report says.

Chairman Robert Adair is quoted as saying that Melrose delivered a strong operating performance during the year, establishing a new production record and completing the Kaliakra and Kavarna gas field developments offshore Bulgaria.

"These new fields represent an important addition to our existing asset base, diversifying the portfolio and doubling the company's expected cash generation over the next few years. The company's solid production platform, coupled with a strengthening financial outlook, means that we are well positioned to progress our high potential impact exploration initiatives in Egypt, Turkey, Bulgaria, Romania and France and to selectively pursue other business development opportunities," Adair stated.

The group had achieved a new production record, averaging 41.1 Mboepd over the year, and in November brought on stream the Kavarna and Kaliakra fields.

It had also been awarded two high-quality exploration concessions offshore Romania, had introduced a strategic partner to its deep-water Rhône Maritime block offshore France and completed divestment of the Permian Basin assets.

The new Bulgarian cash flow coupled with the Permian Basin divestment proceeds provided Melrose with the financial capacity to implement an active exploration work programme while reducing gearing towards 100% by the end of 2011.

About 95% of production during the year came from Egypt, where the company's core assets continued to perform well and it benefited from a full-year contribution from five developments brought on stream in 2009.

Adair said that while the Egyptian situation appeared to be calm recent events had underlined the importance of asset diversification.


Topic: Investments



Featured District
KYUSTENDIL DISTRICT AND CITY INFORMATIONKyustendil
Invest Bulgaria Charts
Imports of Goods and Services in Bulgaria
Imports of Goods and Services in Bulgaria

Tax Revenue of Bulgaria as Percent of GDP
Tax Revenue of Bulgaria as Percent of GDP

See all charts
Did You Know?
Martenitsa
Martenitsa
Every year on the 1st of March, Bulgarians give each other 'martenitsas' - small figures made of ... More

Haskovo municipality is located in the central part of Southern Bulgaria and occupies the most western part of Haskovo county. It is located on a territory of 737 square meters, which is 13% of the territory of Haskovo county.  Its geographic location is extremely favorable and important.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2021 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Лимузини под наем Electric and Hybrid Modules Repair SEO оптимизация Bulgaria Translation Bulgarian Agriculture
Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members