Ireland: Providence strikes another deal with Petronas

Tower by the sea in Ireland (Illustration)
Tower by the sea in Ireland (Illustration)

Irish oil and gas exploration company Providence Resources will increase its equity stake to 100% in the standard exploration licence (SEL) 2/11, located offshore Ireland.

The company said it would take a 50% interest from its partner, PSE Seven Heads Limited, which is a wholly owned subsidiary of PSE Kinsale Energy Limited. Worth noting, Kinsale is a subsidiary of Petronas, Malaysia’s largest oil and gas company.

According to Providence, the transfer on interest is subject to approval from the Minister for Communications, Energy and Natural Resources.

Commenting on the announcement, Tony O’Reilly, Chief Executive of Providence said: “The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities.”

Providence did not specify if the transaction included any fee to be paid to Petronas.

To remind, this is the second deal Providence has reached with Petronas’ Kinsale in as many days.

The company, through its subsidiary Exola, on Thursday entered into an exclusive option agreement with PSE Kinsale Energy Limited over the southern portion of Offshore Petroleum Lease 1 (OPL 1), offshore Ireland.

Under the agreement, Exola will have the right to earn a 60% working interest in the southern portion of OPL 1, through the 100% funding and drilling of an exploration well in the Option Area. The area is immediately adjacent to the Barryroe oil field in the North Celtic Sea Basin.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply