Sherritt maintains Cuba oil guidance, lowers power
Sherritt (TSX: S) has maintained its 2013 guidance for gross working-interest oil production in Cuba at 19,500b/d, according to the company's latest MD&A.
The Canadian firm's third quarter and nine-month gross working-interest oil production in Cuba hit 20,445b/d and 20,144b/d compared to 20,557b/d and 20,481b/d in the year-ago periods.
Sherritt attributed the drops primarily to natural reservoir declines, partly offset by production increases from new wells and optimization at existing wells.
The company lowered 2013 expected power generation to 600GWh.
Sherritt said production from the 150MW Boca de Jaruco combined cycle project is scheduled to begin this quarter but that it is expected to run at approximately 40% capacity until gas supply issues are resolved.
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News in: Electric Power (Cuba)
Sherritt reports heavy drop in Cuba crude output
The Canadian company also received less gas for power generation.
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