Lime Petroleum Receives Approval for Acquisition

MarineLink.com
Wednesday, November 20, 2013

Rex International Holding said its 65% indirectly owned subsidiary, Lime Petroleum Norway AS, has received approval from the Norwegian Ministry of Petroleum and Energy for the acquisition of 10% interest in each of the two offshore licenses, PL 707 and PL 708, from North Energy ASA. Lime’s 10% interest in each of PL707 and PL708 will become effective from November 29, 2013.

The acquisition of the 10% interest in the two licenses is a result of the cooperation agreement between Lime and North Energy. Both concessions are located in the Barents Sea, in proximity to the coast on the Finnmark East platform. PL707 covers an area of about 982 square kilometers while PL708 covers an area of about 507 square kilometers.

Both licenses have undergone screening and analysis of seismic data using Rex Virtual Drilling. Analysis done with Rex Virtual Drilling indicates the presence of hydrocarbons in these concessions. These findings are supported by a previous technical discovery of oil and gas in the PL 707 license.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Energy

Offshore Oil Oscillations In West Africa

Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

News

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those

Offshore Energy

Offshore Oil Oscillations In West Africa

Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2416 sec (4 req/sec)