Chestnut FPSO contract and field life extended for another year

abarrelfull wrote on 19 May 2014 08:03
Tags: centrica europe north-sea uk upstream

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) Atlantic Petroleum UK Limited today announces that Centrica Energy on behalf of the Chestnut joint venture (Licence P.354) has entered into a further agreement with Teekay Hummingbird Production Limited, to secure the use of the Hummingbird Spirit FPSO until end March 2017 (from the current March 2016) and thereby extend the Chestnut Field life by at least a further year.

CEO Ben Arabo commented “We are delighted that the Chestnut joint venture has been able to agree another contract extension with Teekay for the use of the Hummingbird FPSO. We continue to work with the joint venture to examine ways to even further enhance the recovery from the Chestnut Field in the future.”

Notes:

1) The Licence P.354 partners are Centrica (69.875% operator), Atlantic Petroleum UK Ltd (15%), Dana Petroleum (15.125%).

2) The 12-month contract extension with Teekay follows a two-year deal announced in November 2012, and another one-year deal announced in September 2013.

3) Atlantic Petroleum end 2013 CPR report attributed 1.1 million bbls net remaining 2P reserves, which is an increase from the previous year’s 0.7 million bbls net remaining 2P reserves.

• Chestnut FPSO contract and field life extended for another year

---