Petroceltic awarded two Italian permits

Oil and gas exploration firm Petroceltic International has been awarded two licences offshore Italy.

The exploration licences will cover two sites in the central Adriatic, and run for six years.

Petroceltic is seeking three other permits in the area, near existing oil and gas fields.

Although the permits have been awarded to Petroceltic, a farm-in agreement with Orca Exploration Group gives the firm an option to earn a 15 per cent interest.

Petroceltic chief executive Brian O’Cathain said the company was pleased with the decision to award the permits, and said it was “indicative of a desire to re-activate the offshore Italian exploration and production industry by the government of Italy”.