Petroceltic pulls out of Kurdistan

Irish exploration firm Petroceltic has pulled out of Kurdistan, citing disappointing drilling results and the continuing low oil price environment among its reasons.

The explorer has recently talked of its intention to more closely focus on its core operations in Algeria and Egypt and exit non-core geographical areas such as Greece and the Black Sea region.

Last year, it relinquished one of its two licences in the Kurdistan Region of Iraq known as the Shakrok prospect. Yesterday, announced it was following suit at the Dinarta licence; which it shares with US explorer, Hess and the Kurdistan regional government.