1st May 2015 09:09
LONDON (Alliance News) - Enegi Oil PLC on Friday said its ABT Oil & Gas Ltd joint venture with ABTechnology Ltd has signed a new collaboration deal for its Marginal Field Initiative.
The joint venture has signed a deal with Apollo Offshore Engineering Ltd, bringing the total number of partners involved in the initiative to three. The existing partners are Braemar ACM Shipping, a unit of UK-listed Braemar Shipping Services PLC, and Kongsberg Maritime, a part of Norwegian conglomerate Kongsberg Gruppen AS.
The initiative has been launched to develop marginal oil fields, fields that may not produce enough net income to make them worth developing at a given time.
Enegi also said talks with Wood Group PSN, part of oil services company John Wood Group PLC, have now been ended.
"We are delighted that Apollo has agreed to join the Marginal Field Delivery Consortium. Their structural engineering expertise will be invaluable in ensuring the delivery of our solutions and in helping us to create additional solutions which will further enhance our offering in line with our strategy of reducing capex and opex to enable the development of projects," said Alan Minty, Enegi's chief executive and chairman.
"Sadly, agreement was unable to be reached with Wood Group PSN, but we believe that with the members we already have and those we are in discussions with we are creating a consortium with the ability to provide a 'one stop shop' to deliver our Marginal Field Initiative and look forward to working with Apollo and the other members of the consortium to take this venture forward," Minty added.
Shares in Enegi were down 16% to 0.712 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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