Sherritt reports heavy drop in Cuba crude output
Gross working-interest oil production in the second quarter in Cuba for Sherritt International fell 68% year-on-year to 4,689b/d.
In its 2Q18 earnings release, the Canadian company attributed the fall to the expiration of the Varadero West production sharing contract (PSC) in November, natural reservoir declines and the absence of new development drilling.
Sherritt also reported a reduction of its profit oil percentage to 6% from 45% with the renewal of the Puerto Escondido/Yumuri PSC, and although the per-barrel price in Cuba rose 42% to US$59.97, this was partially offset by the negative impact of a stronger Canadian dollar.
Meanwhile, the company resumed drilling in July at block 10 using technology designed for drilling wells in lost circulation zones. Preliminary results are expected next quarter and capital spend is expected to be approximately US$14mn.
POWER
Electricity production for Sherritt in the Caribbean nation slid 7% year-on-year in 2Q18 to 204GWh, which the company attributed to reduced natural gas supply.
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