Crown licence caught in North Sea legal wrangle
Legal discussions over the Crown field continue, following the termination of the licence by Hibiscus Petroleum in September.
Legal discussions over the Crown field continue, following the termination of the licence by Hibiscus Petroleum in September.
Malaysia’s Ping Petroleum has agreed a $22million deal to acquire Summit Exploration and Production’s 50% non-operated stake in the UK Avalon field.
EnQuest has agreed to farm-down an 85% stake in its Eagle discovery in the North Sea to Anasuria Hibiscus for a “nominal” $1 fee.
Hibiscus Petroleum has said it has now entered into “exclusivity arrangements” on an FPSO for its Marigold project in the North Sea.
Hibiscus Petroleum plans to move ahead with its Marigold project in the UK North Sea next year, with safeguards against delays around Covid-19.
A North Sea operator has said it is increasing food stocks on its flagship production asset “in case supply becomes limited” due to the Covid-19 outbreak.
Maintenance on its main production vessel and a drop in the oil price more than halved profits at Malaysia’s Anasuria Hibiscus.