Irish oil and gas explorer Petroceltic has jointly agreed with its partner to abandon a drilling project in Iraq.
The Dublin-based company, which owns 16pc of the Dinarta licence in the Kurdistan region of the country, said that it had decided with Hess Middle East New Ventures to pull out of the project due to low oil prices and the lack of conclusive drilling results to date.
Hess is the operator of the project and possesses 64pc of the venture while the Kurdistan Regional Government owns the remaining 20pc.
Petroceltic CEO Brian O’Cathain said: “Petroceltic’s strategy remains clearly focussed on delivering from its core producing and development assets, whilst maintaining balanced exposure to longer term exploration led growth wherever possible.
"In light of this, and the current oil price environment, the decision to withdraw from Kurdistan is the right one for the business.”