Petroceltic to invest USD 27 million in Romanian exploration in 2014

Ireland’s Petroceltic International, the oil and gas company, said on Tuesday it would ramp up its exploration program in two concessions offshore Romania, growing the level of investments to USD 27 million this year from USD 20 million in 2013.

The company aims to drill up to three well on the Muridiva license and at least one well on the Cobalescu block, both located in the Black Sea. An exploration well drilled last year did not encounter any commercial quantities of hydrocarbons in the southern part of the Cobalescu block, said Petroceltic.

“We are looking forward to significant progress on the Algerian Ain Tsila development in 2014, and to potentially exciting exploration results in Romania and in the Kurdistan Region of Iraq,” said Brian O’Cathain, chief executive of Petroceltic.

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Petroceltic has a capital expenditure budget of USD 130 million this year, with exploration holding a 47 percent share.

Aside from Romania, the company plans to expand exploration activities in Egypt and Iraq, and enhance field developments in Algeria and Egypt, which is a core market for the oil and gas company.

Ovidiu Posirca