Irish oil firm Petrel Resources targeting new countries to spark revival
Petrel Resources chairman John Teeling said the firm's focus “in the immediate future” will be Iraq.
Irish exploration company Petrel Resources is targeting new countries and new asset partners as its founders seek to kick-start its fortunes amid ongoing regulatory hold-ups in key markets.
The company’s latest figures show it slashed its losses last year to €450,685; down from a loss of €1.96m in 2019.
However, Petrel has relinquished all of its interests offshore Ireland – having been unable to source a development partner in the wake of the Government banning future oil and gas licences.
Its land acreage dispute in Ghana remains unresolved after 12 years and the company said there is “no sign” of it being finalised.
Petrel still has an interest in Iraq, but is also actively trying to resolve a complex and long-running shareholding dispute concerning the actual ownership of shares originally acquired by a French group of investors, which would have given them majority ownership of the company.
On the back of Petrel’s results, chairman John Teeling said Petrel “will open discussions with groups in other jurisdictions who might see Petrel as a way to monetise their oil and gas assets.”
That would likely see Petrel buying stakes in companies or their assets as a development partner.
Mr Teeling said Petrel will continue to engage with the French group over the shareholding issue, but Petrel’s focus “in the immediate future” will be Iraq.
Mr Teeling said while renewable energy sources are the future, they are “years, if not decades, away” from being able to supply consistent cost-effective power for everyday usage like boiling kettles or driving a car or running a manufacturing operation.
He said Ireland is now a “no-go area” for oil and gas development, adding Ireland will be 100% dependent on supplies of gas from Russia and electricity from France.
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