Petroceltic attracts interest for Egyptian gas assets

Petroceltic has received unsolicited expressions of interest in certain assets it holds in Egypt. The Irish exploration firm’s management noted the approaches in its interim results presentation yesterday, but didn’t identify which of the production and/or exploration assets were the subject of the takeover interest. Furthermore, regarding a potential disposal, the company said while it would consider offers, it does not generally see itself as a seller in terms of its Egypt-related portfolio.

Egypt has suddenly become a hotbed of interest among exploration firms in the aftermath of Italian energy group, Eni finding one of the world’s largest natural gas fields, off the country’s coast, last month.

Petroceltic holds two licences located around 5km west of that mega-find and is expected to begin drilling in the region next year.