Petroceltic pulling out of Kurdistan venture
? Petroceltic said it has agreed with its partner to withdraw from its Dinarta licence in the Kurdistan region of Iraq.
The company, which owns 16 per cent of the licence said it agreed
with the majority operator Hess Middle East New Ventures (64 per cent)
to pull out, citing low oil prices and a number of operational
challenges at the well. The Kurdistan regional government holds the
remaining 20 per cent of the licence.
According to Brian O’Cathain, Petroceltic’s chief executive, the
company’s strategy “remains clearly focussed on delivering from its core
producing ...
