Offshore logo
Iona to take over 100% at Orlando
Posted 15.06.2012 08:48:24 av John Bradbury
Vis RSS feed
Send nyhet til en venn
Canadian-based North Sea explorer Iona Energy is increasing its stake in the Orlando field up to 100% with a sale and purchase deal.

Iona has inked a binding deal to buy out the stakes held by MPX Resources and Sorgenia which own 30% and 35% of  the Orlando field.  Iona already owns 35% of Orlando and the deal increases its equity up to 100%.

In exchange, Iona will pay historical costs and future development expenditure – put at US $48.25 million – to get the Orlando oil field onstream by the third quarter next year.

One of the key features of the deal is that it gives the company synergies with its its nearby Kells development, which Iona already operates 100%.

Iona says the deal with MPX and Sorgenia adds 2P – proven and probable reserves of 7.2 million barrels, increasing its overall net 2P reserves volume at Orlando of 11 m bbls. Proved plus probable and possible (3P) reserves at Orlando are put at 16.2 m bbls. The move also increases its total reserves to 2P reserves to 22.1 m boe, Iona says.

Announcing the deal, Iona says it  expects approval for a final field development plan in the third quarter this year.

Neill Carson, Iona's chief executive says the deal is a logical one for the company: He stated: “The acquisition of our partners' interests in Orlando makes sense as Iona will now operate both key developments, Orlando and Kells, to realise operational and portfolio synergies that are uniquely offered to Iona due to our dominant ownership in these satellite developments. “

He went on: “A first oil date in 2013 is important to us and Iona is well placed to achieve this through having an advanced FDP, Environmental Statement, pipeline surveys, ownership of critical equipment such as subsea trees, and pipeline procurement contracts.”

Orlando lies in UK block 3/3b, about 10 kilometres (6.miles) north-east of the Ninian Central platform. The field was appraised with the 3/3b-11 in 1989 and the 3/3b-13 well drilled earlier this year, plus sidetracks.
Advertisement
Latest news

Dry well north of Brynhild

Sweden's Lundin Petroleum has missed out on proving up further reserves near Norway's Brynhild discovery with a dry hole to the north of the field.

[Les mer ] Exploration

Noble rig to drill offshore Malta

Drilling is due to commence in a deepwater block offshore Malta in the eastern Mediterranean later this year using a Noble deepwater semi-submersible.

[Les mer ] Exploration

FMC snares Julia deepwater order

Statoil and ExxonMobil have selected FMC Technologies for the supply of subsea equipment for the Julia field development in the US Gulf of Mexico.

[Les mer ] Contracts

Success in the North Sea

Premier Oil's interim statement today underlined the success it is enjoying in the North Sea and internationally.

[Les mer ] Field development

Greater Gabbard parties settle over quality concern

Offshore wind developers SSE and Fluor have settled a contract dispute over the turbine foundations used at the Greater Gabbard wind farm in the North Sea.

[Les mer ] Company news

Oil companies face price-fixing probe

Statoil is facing a price-fixing investigation by the Norwegian Competition Authority on behalf of the European Commission which is looking into anti-competitive agreements.

[Les mer ] Company news

Profilerte stillingerAlle stillinger »
Profilerte selskapFra OffshoreX.no
Pon Power Scandinavia Logo

Pon Power Scandinavia

Pon Power is the distributor of Cat and MaK engines and generators in Scandinavia. Product spectrum, ranging from 6.4 to 16,200 kW, which are mainly used as propulsion and auxiliary engines, primary power or emergency power, firefighting pumps and cranes for offshore installations. We offer worldwide 24-hour service and rapid delivery of spare parts. ISO 9001, ISO14001 and Achilles certified.

Se profil | offshorex.no
ATLAS SERVICES GROUP NORWAY AS Logo

ATLAS SERVICES GROUP NORWAY AS

Atlas Services Group Norway AS is a subsidiary of Atlas Services Group B.V. A leading international company with nearly 30 years of experience in recruitment and staffing of specialists. We put consultants to work in the oil and gas, power, engineering, renewables, seismic and hydrographic, offshore, dredging and shipping industries. www.Atlas4Jobs.com contains over 300 000 CVs

Se profil | offshorex.no
GLAVA AS Logo

GLAVA AS

Glava AS er et norsk privateid industriselskap med hovedkontor i Askim, produksjonsanlegg i Askim, Stjørdal og Spydeberg. Salg, markedsføring og kundeservice er organisert sentralt i Oslo og med lokale representanter i hele landet.

Se profil | offshorex.no
Sønnico Elektro AS Logo

Sønnico Elektro AS

En solid og erfaren elektroinstallatør innen offshore, marine og industri. Utfører service, og små/mellomstore vedlikehold og modifikasjonsprosjekter. Har sammarbeidspartnere innen sorte disipliner og engineering/automasjon.

Se profil | offshorex.no
STATOIL ASA Logo

STATOIL ASA

Statoil er et internasjonalt energiselskap med virksomhet i 34 land. Statoil anvender teknologi og nyskapende forretningsløsninger for å møte verdens energibehov på en ansvarlig måte.

Se profil | offshorex.no
Stahl-Syberg A/S Logo

Stahl-Syberg A/S

Supplies a total concept for explosion protection from R.Stahl, a world leader in the field of electrical and electronic equipment. Agent for Hawke and Schniewindt.

Se profil | offshorex.no
Tips oss
Telefon Bergen: 55 20 72 00
Telefon Stavanger: 51 56 42 82
Kontakt oss
Sentralbord: 55 20 72 00
Sentralbord: 51 56 42 80
Annonsere
Bergen: 55 20 72 00
Stavanger: 51 56 42 80
Ansvarlige
Sjefsredaktør: Helge Keilen
OPPHAVSRETT
Alt innhold er opphavsrettslig beskyttet.