herald

Wednesday 18 October 2017

Irish firm gets out of Iraq

Petroceltic chief Brian O'Cathain said he is disappointed the Irish oil and gas explorer had to pull out of its operations in Iraq.

However, he said that he would rather incur a write-off estimated at roughly €114m rather than continue with a development that would not have made economic sense.

The Dublin-based company announced yesterday that it has jointly agreed with its partners to abandon a drilling project in the Kurdistan region of Iraq.

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