Petroceltic exits Romania, sells unit to GVC Investment

Petroceltic  news
Petroceltic news

Irish oil producer Petroceltic International said it sold its Romanian unit to GVC Investment BV as it exits high-risk exploration ventures.

Petroceltic, which withdrew from Iraqi Kurdistan in March, said that its unit bought out the stakes of its partners Sterling Resources and Beach Energy in the Romanian fields before the sale to GVC.

Financial details of the transactions were not disclosed.