Online UK offshore asset transactions now available

LOGIC, a not-for-profit organization set up to boost competitiveness in the UK oil and gas industry, is extending the capability of its Master Deed system.

Offshore staff

LONDON – LOGIC, a not-for-profit organization set up to boost competitiveness in the UK oil and gas industry, is extending the capability of its Master Deed system.

The aim is to streamline commercial processes among license holders on the UK continental shelf. It allows third parties to commercial agreements affected by asset transfers to give their consent quickly, using LOGIC to complete the execution process on the company’s behalf.

More than 270 companies have signed up to Master Deed since its introduction in 2003, enabling about 950 transactions to be completed.

License holders now can authorize transactions online. LOGIC says the move is the latest in a series of improvements aimed at ensuring the entire system is online, so that all parties can benefit from savings in time and costs.

Training sessions for users of the new online Master Deed system will be held in June in Aberdeen and London. More information is available via LOGIC atlogic@oilandgasuk.co.uk.

4/29/2013

More in Home