Melrose owner takes to the Italian seas

Petroceltic, the Irish oil firm that bought Edinburgh-based Melrose Resources last year, has been given a licence to explore a swathe of waters off the coast of Italy.

The group has been awarded exploration permit “B.R272.EL” in the central Adriatic, in what it says is a significant step forward in the development of its portfolio in the region.

The group has a six-year development plan for the block, starting with 3D seismic studies.

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Chief executive Brian O’Cathain said: “Permit B.R.272.EL brings significant additional potential to our Adriatic portfolio directly adjoining and on trend with the Elsa oil discovery.

“We look forward to working with the relevant Ministries to enable the commencement of seismic operations in this highly prospective region.

“Petroceltic is fully committed to operating in an environmentally sensitive manner in all its operations and will continue to work with all partners and stakeholders to support the National Energy Strategy’s objective of doubling Italian oil and gas production by 2020.”

However, Petroceltic also announced a setback in Italy as a local court annulled environmental clearance for another offshore Adriatic permit on procedural grounds. The company is “reviewing options on how to proceed”.

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