Offshore staff
ABERDEEN, UK – DEO Petroleum UK and Parkmead Group have formed a strategic alliance in the UK central North Sea.
They will pursue joint opportunities and collaborate on a 50/50 basis in three specific areas, with the partnership continuing initially through December 2013.
The companies plan to co-operate on bids for the 27th UK offshore licensing round, and to consider joint acquisition opportunities in the identified areas. Subject to regulatory consents, Parkmead will act as exploration operator for the partnership, with DEO assuming the role of development operator in the event of a commercial discovery.
Tom Cross, executive chairman of Parkmead, said: “We are very pleased to be working with DEO, whose core skills are entirely complementary to Parkmead’s. Our combined teams share a deep understanding of the North Sea…”
David Marshall, DEO’s CEO, said: “The strategic partnership offers DEO the opportunity to expand into areas beyond our core Perth assets, where our existing relationships are strong and unchanged.”
05/12/2011
