Ireland's Petroceltic to invest in gas exploration and production in Bulgaria

Ireland's Petroceltic to invest in gas exploration and production in Bulgaria Ireland-based oil and gas firm Petroceltic International plans to invest $4 million in exploration and production in Bulgaria in 2014, according to InvestBulgaria Agency (IBA). The Bulgarian government agency said Petroceltic acquired the rights for exploration and development of gas in the Galata field located offshore near Bulgaria. In 2013, Petroceltic invested $49 million for projects in Bulgaria.

"2013 was a year of solid progress, with highlights including the successful farm-out of the Ain Tsila Field in Algeria and the completion of a US$500 million debt facility, with availability for projects in Algeria, Egypt and Bulgaria," Chief Executive Officer of Petroceltic Brian O'Cathain said in a statement.

For last year, Petroceltic also said that it incorporated Scottish oil and gas company Melrose Resources, bought in 2012, into the company.

"We have successfully integrated the Melrose business into Petroceltic, and have continued to build good relations with governments in all of our areas of focus," O'Cathain added.

The $4 million investment in Bulgaria will be evenly split between gas development and exploration and the firm will continue to sell gas from production to Bulgargaz, Bulgaria's state-owned gas utility company.

More information on the power market in Bulgaria can be found on PennEnergy's research area.

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