Aug 22 Reuters North Sea oil and gas company Ithaca Energy reported a lower net profit for the first half of the year on Thursday, hurt by impairment charges, lower production and a decline in natural gas prices.

Ithaca, which in April agreed to buy nearly all Eni39;s UK oil and gas producing assets for about 754 million pounds 986.53 million in stock, lowered its fullyear production forecast to 76 to 81 thousand barrels of oil equivalent per day kboepd, from 80 to 87 kboepd expected earlier.

Production fell to 53 kboepd in the sixmonth period ended June 30, from last year39;s 75.8 kboepd.

The company said its output was hit by operational issues across its nonoperated joint ventures and infrastructure together with planned shutdowns across operated portfolio.

Ithaca said realised gas prices fell to 92 per barrel of oil equivalent boe in the first six months of the year after hedging from last year39;s 125 per boe.

Ithaca recorded a net income of 105.7 million for the first half, compared with last year39;s 159.6 million.

1 0.7643 pounds

Reporting by Arunima Kumar in Bengaluru; Editing by Subhranshu Sahu

Source Reuters