Texaco and Korea Petroleum Development Corporation Complete North Sea Transaction

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APRIL 30, 1997.

Texaco North Sea U.K. Company today announced that it has completed arrangements with Korea Captain Company Ltd. (KCCL), a subsidiary of the Korea Petroleum Development Corporation (PEDCO), for its $210 million acquisition of a 15-percent interest in the Captain Field in the U.K. North Sea.

Commenting on the alliance, Texaco Ltd. Chairman Don Bennett said: "This alliance is a strategic one. Not only does it give us an investment partner, but it also gives us a valuable business relationship with PEDCO — one which hopefully will help Texaco to explore opportunities in the Far East and other emerging markets."

As well as securing an equity share in the Captain field, PEDCO representatives recently signed a further agreement with Texaco which will see four of PEDCO's employees working in the U.K. with the Captain team on secondment and training programs. Participants will be exposed to North Sea working practices and the state-of-the-art technology used in the area, which will bring added value to the agreement.

Commenting on the alliance and the training agreement, PEDCO President Dr. Seok-Jung, Chang said: "By participating in the Captain Field, we are going to have a new strategic business base in the U.K. North Sea. It will provide us with new opportunities, not only to broaden our business in this area, but also to acquire an insight into advanced technology by working together with Texaco's Captain operations team. We hope to continue our close co-operative relationship with Texaco worldwide."

KCCL is a single co-venturer in Captain. Texaco will continue to operate the field. Under the terms of the alliance agreement, KCCL also acquires a 15-percent equity share in Captain Area B, from which first oil is likely to flow around the turn of the century.

First oil flowed from Captain Area A on March 6,1997, and is expected to reach peak production by mid-1997.

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