Promethean Energy Corporation and Subsea 7 have executed a memorandum of understanding (MoU) for collaboration on the further development of deepwater Gulf of Mexico oil and gas assets.
Promethean said on Tuesday that the MoU with Subsea 7 allowed the company to execute its strategy of integrating leading-edge practices and technologies to unlock value across the development and production (D&P) lifecycle.
Aditya Singh, CEO of Promethean, said: “The company is collaborating with industry leaders in key D&P strategic areas and Subsea 7 brings to Promethean a wealth of expertise in subsea developments.”
Jeremy Woulds, Director of Subsea 7 added: “The opportunity to collaborate with Promethean is important to Subsea 7 as it affords us the ability to deliver considerable value at an early stage in field enhancements and extensions of deepwater assets and tie-back of step-out growth opportunities in the Gulf of Mexico, a province where the company has much experience.”
Promethean Energy Corp. is a D&P company focused on producing fields with development upside. The company seeks to enhance reserves and increase production through data, technology, innovation, and integration.