Irish oil and gas explorer Providence has shared a list of industry-leading service providers that are set to help develop its Barryroe oil and gas field offshore Ireland.
Providence has been in Barryroe farm-out discussions with Norway-based SpotOn Energy. It earlier this month said SpotOn had signed binding term sheets with the six consortium members that would participate in the Barryroe Field appraisal and development project, but it didn't provide names of the members at the time.
In a statement on Friday, Providence said the members of the consortium were oilfield services giant Schlumberger, Norwegian offshore services and equipment firm Aker Solutions, Danish drilling company Maersk Drilling, Singapore's rig builder Keppel FELS, Norway's engineering and construction contractor Aibel, and Norway's AGR.
SpotOn Energy has been described as a company that offers a new approach to cost-effective offshore oil and gas field development.
"They target the development of offshore oil and gas fields using their consortium of world-leading services providers. The consortium alignment of interest is intended to keep down development costs by agreeing deferred payment terms for the project and including the consortium in equity returns from production. The consortium is involved in the development planning process from day one and expects to deliver lower cost per barrel development and operating costs versus traditional offshore field developments," a description provided by Providence, reads.
On finalization of the farmout agreement, SpotOn Energy will manage the Barryroe Development, working with the consortium.
Commenting on Friday, Alan Linn CEO of Providence Resources said: "The companies working in the consortium with SpotOn Energy have all worked in the services industry for many years and have established reputations for excellence. Bringing them together into a consortium, focussed upon maximizing the value of the Barryroe project is an excellent beginning for the Barryroe development."
"Providence is now working closely with the SpotOn Energy Team to assess the optimum appraisal and development work program for the Barryroe oil and gas field. When agreed, the work program will form the basis upon which commercial and funding arrangements are finalized,
"We are looking forward to building a close relationship with the consortium and progressing the development of the Barryroe oil and gas field."
"When fully developed, we believe, the Barryroe Field, producing indigenous oil and gas, can support energy security and stability in Ireland for many years to come.
According to Providence, the independently verified reports of the hydrocarbons recoverable within the Barryroe field concluded that a mid-case of 346 MMBOE of 2C resources was present within the Middle and Basal Wealden sands.