Petroceltic allocates mln for petroleum exploration in Romania

The Irish oil and gas exploration company established for 2014 a 27 million dollar investment budget for petroleum explorations in Romania’s Black Sea area where it operates. Petroceltic International continues, therefore, its investment in Romania after spending other 20 million dollar last year, yet without effective results since the South Cobalcescu-1 exploration well drilled in 2013 did not encounter commercial quantities of hydrocarbons, according to a press release.

‘The Company plans to drill up to three wells offshore Romania, one on the Muridava licence (rescheduled from 2013 following essential rig maintenance)  and at least one well on the Est Cobalcescu block (Petroceltic 40 per cent working interest). The drilling programme on the Muridava licence is then expected to continue in early 2015. While the South Cobalcescu-1 exploration well drilled in 2013 did not encounter commercial quantities of hydrocarbons, it did provide valuable information to assist in the refinement of the 2014 programme for both licences, which will involve the testing of a number of geologically independent plays and material prospects.’Petroceltic informs. 

The entire expenditure budget Petroceltic International allocated for the exploration and development programme in 2014 is of 130 million dollar.

Petroceltic International is a leading upstream oil and gas exploration and production company based in Dublin, Ireland, focused on North Africa, Mediterranean and Black Sea Regions. Apart from Romania, the company has production, exploration and development assets in Algeria, Egypt, Bulgaria, the Kurdistan Region of Iraq, Italy and Greece.