Irish firm to benefit from Algerian supply

Irish exploration firm Petroceltic is expected to directly benefit from an anticipated increase of Europe’s importation of Algerian gas, being sought in a bid to counter Russia’s supply dominance.

The oil and gas exploration and production company holds a 38.25% stake in Algeria’s massive Ain Tsila gas field, which has 10 trillion cubic feet of proven gas reserves. The company made no comment yesterday, as it is in a pre-annual results closed period.

Algeria has the tenth largest gas reserves in the world, although it is only using less than half of its pipeline capacity to Europe.