Australia-based oil and gas explorer and producer Petsec Energy Ltd (ASX:PSA) has cut down its 2010 production and revenue projections to 4.0 Bcfe (billions of cubic feet equivalent) and $US28 million ($31.94 million) respectively.

According to Petsec, the lowering was "predominantly due to the deferral of production from the Main Pass 270 field (in the Gulf of Mexico) due to third-party pipeline interruptions to production".

The company reported in its June 2010 quarter results that output had plunged 58 per cent to 830MMcfe (millions of cubic feet equivalent) from 1,974MMcfe in the same period last year.

Net revenue slumped 58 per cent to $US6.2 million from $US14.6 million.

"Production of 830MMcfe from the company's US Gulf of Mexico operations for the June 2010 quarter was 35 per cent lower than the 1,273MMcfe achieved in the March 2010 quarter, largely due to the shut-in of the Main Pass 270 field caused by damage to a third-party pipeline that transports oil production from the field," Petsec said.

"Petsec Energy received an average gas equivalent sales price of US$7.43/Mcfe (including hedging) during the current quarter, marginally lower than the US$7.47/Mcfe realised in the previous quarter."