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Ireland based Petroceltic International plc, an oil and gas exploration and production company, announced it is ready to increase its production to 850 000 cubic m. of natural gas a day form the Bulgaria`s Black Sea shelf. This is possible due to the new subsea well at “Kaliakra” field that has been just tied to the pump facility. The good news comes only four months after the disappointing results from the ”Kamchia” field that were the reason for speculations about Petroceltic`s further interests in Bulgaria. According to Chief Executive Brian O`Cathian, the company will continue investing in Bulgaria, since the country is a significant source of income for Petroceltic.
The tie of the second well to the pump station has been finished September 10th, says company statement. Test yields have been conducted, showing the potential production of the filed, explored since 2010, is 340 000 cubic m. a day. Additional testing is required before production reaches the full capacity of the well, which is expected to finish within a month. The new well is tied to a facility that combines the streams from two neighboring fields – “Galata” and “Kavarna”, reaching a combined capacity of 850 000 cubic m. a day.
Petroceltic owns two exploration blocks in Bulgaria bought from Melrose Resources in 2012 for EUR 210 mln. That gave the company control over the only natural gas source in Bulgaria alternative to the gas from Russia. Invest in Bulgaria
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