(MENAFN) Dubai-based Dragon Oil, an energy exploration, development and production company, announced it has decided to drop the bid it made for the Irish firm Petroceltic, Arabian Business reported.
The company, of which Emirates National Oil Company (ENOC) is the major shareholder, said it has made the decision to abandon its plans for a buyout of the Dublin-headquartered company, despite previously making an initial offer worth USD785 million for the company.
"Dragon Oil now confirms that, in the light of prevailing market conditions, it no longer intends to make an offer for Petroceltic," the company said in a statement.
Petroceltic International is an oil and gas exploration and production company and has operations in North Africa, the Mediterranean Basin and the Black Sea.
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