Dublin firm approved for Algeria gas plan

Petroceltic — the Dublin- headquartered oil and gas exploration firm — has received formal final regulatory approval for the development of the Isarene/Ain Tsila gas field in Algeria.

The company recently increased its geographical presence to take in Black Sea assets in Bulgaria, Romania, Turkey, and Egypt via the €210m reverse takeover of British firm, Melrose Resources.

Petroceltic holds a 56.6% stake in Ain Tsila, having sold an 18.4% stake to Italian energy giant Enel. Local exploration firm Sonatrach controls the remaining 25% of the field, viewed as being one of the biggest gas finds in the world.