BUSINESS

Petroceltic planning to explore for oil in Greece

Petroceltic International Plc, an oil and gas company with operations in Egypt and Eastern Europe, plans to explore for oil in Greece.

The company has made an application in the country for onshore and offshore blocks with Hellenic Petroleum SA (ELPE) and Edison SpA, Brian O’Cathain, chief executive officer of Petroceltic, said in a telephone interview from Dublin.

“We made the application as a consortium,” Vasilis Tsaitas, an Athens-based spokesman for ELPE, said by phone.

Each partner has equal shares, he said, adding the government is reviewing the bids.

The onshore block is in Epirus in the northwest of mainland Greece and the offshore field will be in Patraikos in the west, Tsaitas said.

If the bid is successful, ELPE will become the operator, he said.

[Bloomberg]

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