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>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 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

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

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