Petroceltic eyes up $72m Kurdish venture

THE Dublin-based exploration firm Petroceltic has expanded into Iraq, via a joint venture with US oil and gas company, Hess Corporation.

The Irish company is taking a 20% stake — or “working interest” — in two highly prospective oil blocks in the Kurdistan region of the country.

Speaking yesterday, chief executive Brian O’Cathain said drilling could start within the next 12 months and that the new asset could rival the Isarene gas field in Algeria as a significant headline asset for Petroceltic.