Petroceltic exits offshore Egypt, Greece ventures

Offshore staff

DUBLIN, IrelandPetroceltic has agreed to sell its interests in the deepwater North Thekah and adjacent North Port Fouad exploration licenses offshore Egypt to its joint venture partner Edison International for $9.5 million, after working capital adjustments amounting to $5.8 million.

Edison operates North Thekah and North Port Fouad. The deal includes a stake in the onshore South Idku concession.

In the Mediterranean Sea, Petroceltic has also transferred its interest in the Patraikos license offshore Greece to its joint venture partners.

Offshore Abruzzo, eastern Italy, the permitting process continues for the company’s Elsa discovery.

Italy’s Parliament is considering amendments to legislation that could impact the Elsa project.


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