Petroceltic Bets on East Europe

Ireland-based Petroceltic successfully concluded the tie-back of a new production well on the Kaliakra gas field, offshore Bulgaria.

The upstream oil and gas exploration and production company completed the well with a subsea wellhead. It was then connected to the existing Kaliakra pipeline for export via the Galata platform. 

“We are very pleased with the performance of the new Kaliakra development well, which will supplement the production for our two other offshore gas fields,” said company’s Chief Executive Brian O’Cathain.

The company, with activities from North Africa to the Black Sea regions, said that it will keep investing in East Europe. 

“Bulgaria generates a significant proportion of the company’s revenues and we remain committed to investment in the country,” O’Cathain commented in a note released on Monday, adding that “elsewhere in the region we look forward to results from the multi-well exploration drilling campaign which has recently commenced in Romania.”