Petroceltic awards $1bn contract on Algerian gas field

The once Irish-owned oil exploration company Petroceltic has awarded a $1 billion engineering contract to oilfield services giant Petrofac to develop its prized Ain Tsila gas field in Algeria.

Petroceltic, which was bought in 2016 by Bulgarian corporate raider Angelo Moskov, is developing the field as part of a joint venture with Algeria’s state-owned Sonatrach, which has a 43.3 per cent stake, and Italy’s Enel, which has an 18.37 per cent stake.

Petroceltic ...