Petroceltic expands into Greece with share of exploration licence

Dublin-based exploration company Petroceltic International has extended its southern European footprint into Greece, through the award of a share of a licence off the country’s west coast.

The Irish company forms part of a consortium — along with Greek energy company, Hellenic Petroleum and Italian player, Edison International — to have successfully bid for the under-explored Patraikos block offshore western Greece. Each firm will own a third of the asset, which is viewed as being potentially oil prospective, with a working hydrocarbon system already proven by discovery wells drilled just south of the block in the early 1980s.

Chiefly known for its presence in northern Africa and Italy, Petroceltic’s geographical footprint has grown in the past year — aided by its takeover of Scottish company, Melrose Resources — to include the Middle East and the Black Sea region of southern Europe.