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Petroceltic, partner pull out of Kurdistan licence

Reuters - UK Focus

March 25 (Reuters) - Irish oil producer Petroceltic International Plc said it agreed with its partner to pull out of the Dinarta licence in Kurdistan region of Iraq.

Petroceltic, which owns 16 percent of the venture, said it had agreed with Hess Middle East New Ventures to withdraw from Kurdistan due to the current low oil price environment and the lack of conclusive well results.

Hess is the operator of the Dinarta licence with a 64 percent stake, while the Kurdistan regional government holds 20 percent. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Gopakumar Warrier)