DUBLIN, Ireland – Petroceltic and partner Edison plan to acquire seismic data this year over their recently awarded North Thekah block in the deepwater Mediterranean Sea offshore Egypt. Tenders for the program are under evaluation.
In the Bulgarian sector of the Black Sea, the company’s main activity this year will be the completion andsubsea tieback of the Kavarna East development well to the Galata platform. Production is due to start this summer.
Although Kavarna East is relatively low volume (9.5 bcf), the development is profitable due to competitive regional gas prices and the local fiscal regime, Petroceltic points out.
The company will maintain its current gas sales arrangements with state-owned utility Bulgargaz and Agropolychim.