Progress for Petroceltic as it secures licences for drilling off Italian coast

Irish exploration company Petroceltic has been awarded two licences off the coast of Italy.

The award — via the Dublin company’s local subsidiary, Petroceltic Italia SrL — further hints at the Italian government relaxing legislation and lifting its existing offshore drilling restrictions. These have hampered progress for companies such as Petroceltic, which have significant assets there.

“The award of the two licences in the central Adriatic suggests that the Italian authorities are keen to get back to business-as-usual in the Italian offshore. This points the way to a reactivated Italian portfolio for Petroceltic,” according to Caren Crowley of Davy Stockbrokers.