Petroceltic to invest USD 4 million in Bulgaria in 2014

Irish oil and gas exploration and production company Petroceltic International said it will invest USD 4 million in Bulgaria this year. The company has acquired Melrose Resources in 2012 and obtained the rights for exploration and extraction of gas in the block “Galata” in the shelf of Black Sea. The total sum, envisaged for investment in the present year include USD 2 million for development and USD 2 million for exploration activities. The company has invested USD 49 million in Bulgaria in 2013. It became clear that Melrose resources Bulgaria, as was named local subsidiary of Melrose Resources has changed its name under its new owner- Petroceltic.

Source : capital.bg