Petroceltic to Expand into Libya?

Brian O'Cathain, Chief Executive Officer of Irish oil and gas company Petroceltic International, has said that the company would consider buying assets in Libya, according to a report from Bloomberg.

Petroceltic, which already has assets in Algeria, recently agreed to buy Melrose Resources for £165 million ($259 million) to expand in North Africa and the Mediterranean.

“This gives us a better platform to grow,” said O’Cathain, who added that the enlarged company probably won’t sell off assets to focus on its biggest fields.

(Source: Bloomberg)

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