Why we are here7 Mar 2013 14:42
Petrel’s initial objective was to become an Iraqi oil producer. However, due to the bureaucratic processes, the ratification of licences has slowed down. New management has been put in place and they are confident of resolving the issues in Iraq and also identifying new projects. As a result of the delays Petrel as an agile oil and gas explorer has diversified. Petrel is a 30 per cent holder, through a local Ghanaian registered company, in a high potential project in the Tano Basin, Ghana, close to Tullow’s recent find. The company has also returned to its roots; improved fiscal terms and new technology has meant offshore Ireland, once again, is been reviewed as a high potential prospect. Our recent one billion barrel potential on our licence block confirms that.