Offshore staff
DUBLIN, Ireland – Providence Resources is progressing farm-out discussions with SpotOn Energy for exploration license SEL1/11 in the Celtic Sea offshore southern Ireland.
The concession includes the Barryroe oil and gas field.
Once the farm-out agreement is in place, SpotOn will manage the Barryroe development, working with a consortium of contractors with experience of projects similar in nature to Barryroe, said to be a conventional shallow-water development.
The consortium, comprising Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS and Aibel, is said to be aligned on the need to keep down development costs by agreeing to deferred payment terms for the project, with the consortium included in equity returns from production.
All the members will be involved in the development planning process and will work toward lower per barrel cost and operating costs compared with offshore projects.
Alan Linn, Providence’s CEO, said his company was working with the SpotOn Energy team on an optimum appraisal and development work program for Barryroe: this will form the basis for concluding commercial and funding arrangements.
08/06/2020
