Petroceltic International
Encyclopedia
Petroceltic International is an Irish
oil and gas exploration and production company. Based in Dublin, it has operations in Algeria, Italy and Tunisia. It is listed on the Alternative Investment Market
of the London Stock Exchange
and on the Enterprise Securities Market of the Irish Stock Exchange
. The company has an approximate market capitalisation of €280m. In May 2011, it placed shares with a value of US$60 million. It owns a share in the Isarene permit in Illizi Province
, Algeria
, worth up US$1 billion.
Petroceltic's Isarene permit area is located in the south of the Illizi Basin in South Eastern Algeria. The original permit area covered in excess of 10,000 sq km and is bordered by a number of fields with proven oil and gas production. The In Amenas project to the east is Algeria’s largest wet gas project, jointly operated by BP, Sonatrach and Statoil. The Repsol operated oil field Tiffernine is less than 15kms from the northern block boundary.
Following a successful 2009/2010 five well drilling campaign Petroceltic, in conjunction with Sonatrach, secured an addendum to their Production Sharing Contract which provides for a two year extension period, from 26 April 2010, to carry out appraisal work on four discovery areas, namely Ain Tsila, Isarene North East, Isarene North West and Hassi Tabtab. The total area retained for delineation is 4032 sq km (equivalent in area to 16 North Sea Blocks).
In April of this year, Petroceltic agreed to farm out 18.375% of their Isarene production sharing contract to Italy's largest power company, Enel. The deal which had a contingent price of $183m dollars valued the companies Algerian assets at in excess of €1bn.
As a large net importer of hydrocarbons, there is a large market for domestically produced gas. Italy is also seen by many as being a likely hub for gas import into Europe. The development of a series of pipelines linking Italy to major gas producers such as Algeria, and Libya and the development of new LNG terminals will ensure that Italy can fulfill this role.
Petroceltic has had a strong presence in Italy since 2005. Petroceltic has since substantially increased their holdings in Italy both onshore in the proven Po Valley region and offshore in the Central Adriatic region. They now have an interest in 6 permits and 14 permit applications in this territory.
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
oil and gas exploration and production company. Based in Dublin, it has operations in Algeria, Italy and Tunisia. It is listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and on the Enterprise Securities Market of the Irish Stock Exchange
Irish Stock Exchange
-History:The Irish Stock Exchange is Ireland's only stock exchange and has been in existence since 1793. It is an Irish private company limited by guarantee. It was first recognised by legislation in 1799 when the Irish Parliament passed the Stock Exchange Act...
. The company has an approximate market capitalisation of €280m. In May 2011, it placed shares with a value of US$60 million. It owns a share in the Isarene permit in Illizi Province
Illizi Province
Illizi is a province in the south-eastern corner of Algeria named after its eponymous seat.It borders Libya to the east, Ouargla Province to the north and, Tamanghasset Province to the east and south.-Administrative divisions:...
, Algeria
Algeria
Algeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
, worth up US$1 billion.
Operations
In line with its strategy, Petroceltic seeks to develop operations in the Mediterranean Basin and North Africa. The company has built a strong operations team which covers this area and which provides exploration skills in geology, geophysics, petrophysics, reservoir engineering, petroleum engineering, well design, drilling operations and project management. For each country, the company seeks to develop its talent with an appropriate mix of international and domestic team members. Petroceltic has existing operations in Algeria and Italy with regional offices in Algiers, Hassi Messaoud and Rome.Algeria
The petroleum resources of Algeria are considered to be world-class containing some 35 billion boe of proven hydrocarbon reserves (Source: Wood MacKenzie). Algeria supplies approximately 10% of Europe's natural gas via existing pipelines to Italy and Spain and to LNG projects. This supply capacity is set to expand with further gas pipelines, namely "Medgaz" to Spain and "Galsi" to Italy, both of which are currently under development. Against this background, Algeria has the potential to present significant opportunities in the coming years for Petroceltic, not only within our existing portfolio but also for additional new ventures within the country.Petroceltic's Isarene permit area is located in the south of the Illizi Basin in South Eastern Algeria. The original permit area covered in excess of 10,000 sq km and is bordered by a number of fields with proven oil and gas production. The In Amenas project to the east is Algeria’s largest wet gas project, jointly operated by BP, Sonatrach and Statoil. The Repsol operated oil field Tiffernine is less than 15kms from the northern block boundary.
Following a successful 2009/2010 five well drilling campaign Petroceltic, in conjunction with Sonatrach, secured an addendum to their Production Sharing Contract which provides for a two year extension period, from 26 April 2010, to carry out appraisal work on four discovery areas, namely Ain Tsila, Isarene North East, Isarene North West and Hassi Tabtab. The total area retained for delineation is 4032 sq km (equivalent in area to 16 North Sea Blocks).
In April of this year, Petroceltic agreed to farm out 18.375% of their Isarene production sharing contract to Italy's largest power company, Enel. The deal which had a contingent price of $183m dollars valued the companies Algerian assets at in excess of €1bn.
Italy
Italy is the third largest producer of oil and the fifth largest of gas in Western Europe. Proven reserves in Italy to date exceed 622m barrels of crude oil and 8 TCF of gas. Recent years have seen a considerable increase in the level of interest in Italy’s energy resources and a greater number of companies have been attracted to the area.As a large net importer of hydrocarbons, there is a large market for domestically produced gas. Italy is also seen by many as being a likely hub for gas import into Europe. The development of a series of pipelines linking Italy to major gas producers such as Algeria, and Libya and the development of new LNG terminals will ensure that Italy can fulfill this role.
Petroceltic has had a strong presence in Italy since 2005. Petroceltic has since substantially increased their holdings in Italy both onshore in the proven Po Valley region and offshore in the Central Adriatic region. They now have an interest in 6 permits and 14 permit applications in this territory.