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Oil firm signs partnership for new field development

Category: Scottish Economy — Paul Morgan on March 22, 2013

With the vibrancy of the oil and gas industry in Scotland continuing apace, there has been news of another deal being struck to develop a new field in the North Sea.

Bridge Energy, based in Aberdeen but with significant exposure in Norway, has signed the deal which gives it a 20 per cent share. The Asha field, ‘PL457’, located off the Norwegian coast, is jointly shared by Bridge, together with Norwegian partners which include; E.On Ruhrgas Norge, VNG Norge and Wintershall Norge.

It is estimated that the field, which will be developed alongside the neighbouring Ivar Asen Field, has 100 million oil barrels worth of reserves ready to be exploited.

The partnership mirrors similar deals being struck throughout the industry. Despite the strong economy in the sector, there is still a clear drive to consolidate costs and many firms look into commercial finance in Scotland.

Talking about the deal, the chief executive officer of Bridge Energy, Tom Reynolds, said:

“I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.”

Reynolds went on to explain that by tying in development costs with the neighbouring field, the available oil would be optimised.

“With existing estimates indicating more than 13 million barrels of oil equivalent net recoverable to Bridge from Asha, this agreement both accelerates and unlocks significant value within PL457.”

The works are likely to also provide support to the linked network of suppliers working for the Aberdeen-based firm.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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