Wellesley Petroleum Holdings, a new exploration company focused exclusively on the Norwegian Continental Shelf (NCS), announced that Chris Elliott has been appointed as CEO.
Elliott’s last role was exploration manager UK and Norway for Cairn Energy, following its acquisition of Agora Oil & Gas in April 2012.
“We continue to believe that Norway can deliver material discoveries, but it requires strong technical skills and extensive experience in the North Sea to develop exciting new prospects,” said Chris Elliott, CEO of Wellesley Petroleum.
The Wellesley exploration team has been involved in discoveries totaling 1 billion boe across the UK Continental Shelf and NCS since 2004. Wellesley Petroleum was established in February 2015 by management and Blue Water Energy, as an oil and gas exploration company based in Stavanger, Norway. Affiliates of Blue Water Energy have agreed to an initial investment of up to US$250 million in the company.
Wellesley Petroleum’s strategy is to develop and drill a portfolio of exploration and appraisal prospects on the NCS, through participation in license rounds and farm‐in transactions. Key to the plan will be to draw on the team’s deep local exploration experience to generate new prospects on old and new acreage. The company has a long term strategic view on exploration, seeing a counter‐cyclical opportunity in the current market where the sector is cutting its exploration spend rapidly.
Image: Chris Elliot/Wellesley Petroleum Holdings
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