Petroceltic begins drilling in Black Sea

Irish exploration firm Petroceltic has begun a multi-well drilling round in the Black Sea region which will include the highly anticipated Shakrok-1 well in Kurdistan, which is targeting an estimated 650 million barrels of oil.

The Dublin-based firm has a 16% net stake in two blocks in Kurdistan and is in partnership with New York-based oil company, Hess, which operates Shakrok. Drilling is also set to begin on two licence areas in Romania in which Petroceltic holds an interest.

Chief executive Brian O’Cathain said the spudding of the firm’s first wells in both Kurdistan and Romania herald “an exciting time” for the business.