Lotos to Buy Stakes in Centrica’s Norwegian Offshore Fields for $175 M

Polish oil company Grupa Lotos has signed an agreement to buy into several Centrica Norge’s offshore concessions in Norway.

According to a filing made by Lotos today, the company will buy stakes in Centrica’s producing fields Atla (20%), Skirne/Byggve (30%) and Vale (25.8%). Also, Lotos will buy into Centrica’s undeveloped assets Frigg GD (10%), Rind (7.9%), Fulla (50%), as well as some exploration assets.

Furthermore, Lotos has agreed to buy a 5% share in the Heimdal Gas Center, a hub for the processing and distribution of gas. Heimdal consists of an integrated steel platform, and a riser platform.

Under the agreement, Lotos will pay $175.8 million for the transaction, which is expected to be completed in December 2013.

Estimated proved and probable (2P) reserves attributable to Lotos, from the above mentioned assets, are estimated at around 9 million barrels of oil equivalent.

Proved reserves are those quantities of oil which can be estimated with reasonable (at least 90%) certainty to be commercially recoverable from known reservoirs and under current economic conditions, operating methods, and government regulations.

Probable reserves are those unproved reserves which analysis of geological and engineering data  suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves.

Offshore Energy Today Staff, November 05, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 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 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

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 >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

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