Exploration giant BP and a number of Far Eastern players have held talks with Irish-based Petroceltic about a possible joint venture in Algeria.
Petroceltic has a 75 per cent interest in a 10,800 square km exploration block in Algeria, which includes seven wells that have shown the potential to produce up to 4.7 million cubic feet of natural gas a-day.
BP holds the licence for an area next to the Petroceltic block, and recent reports suggested that it was interested in entering a joint venture with the Irish company on its prospect. Responding to questions from shareholders at the company's annual general meeting (agm) in Dublin yesterday, managing director, John Craven, said that the company had received an approach from BP.
"We have certainly had some discussions with BP," he told The Irish Times after the meeting. "We have also had a number of other approaches from Far Eastern companies."
The Algerian block, known as the Isarene contract area, has nine known gas discoveries. Petroceltic said that it is likely to list on the stock exchange.
