Petroceltic Gives Go-Ahead To $1.5B Algeria Gas Project

Law360, New York (August 9, 2012, 3:25 PM EDT) -- Petroceltic International PLC, a Mediterranean-focused oil company, on Thursday greenlighted its flagship Algerian gas field, saying it would move ahead with the $1.5 billion project while still pursuing a further 18 percent farm-down.

The company formally declared the field commercially viable after Algeria’s state-owned Sonatrach agreed to market all the gas using a formula tied to price of Brent North Sea oil, it said in a statement.

Petroceltic signed a 30-year production-sharing contract with Sonatrach in January to drill at the Ain Tsila field, which is...
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