Beach Energy Exits Stake in Romanian Block to Focus on Australia

Australian oil and gas exploration and production firm Beach Energy Limited announced Wednesday that its wholly owned subsidiary, Beach Petroleum (CEE) S.R.L., has transferred its 30 percent stake in Block 28 Est Cobalcescu to the operator, Petroceltic Romania B.V., a unit of Petroceltic International plc, for nominal consideration.

The transfer has been approved by the National Agency for Mineral Resources of Romania, leaving Beach Energy with no further commitments in Romania.

The company's withdrawal from Romania is in accord with Beach's strategy to focus nearer home in Australia, where "its core expertise can be leveraged to drive sustainable, value accretive growth," the firm said in a press release.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager
Expertise: Business Development|Sales
Location: Houston, TX
 
Account Manager
Expertise: Business Development
Location: Houston, TX
 
Patent Counsel/Senior Patent Counsel
Expertise: Legal
Location: Richmond, VA
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours