Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Sirius Secures Off-Take Deal with Glencore

change text size

Sirius Petroleum reported Friday that it has secured up to $65 million in funds for the development of near-term production assets located offshore Nigeria.

Sirius said it had made an 'exclusivity off-take agreement' with Glencore Energy UK that includes provision for a pre-financing facility of up to $65 million that will see Sirius deliver up to 60,000 barrels of crude oil per day to Glencore while Glencore has exclusivity to market this oil on behalf of Sirius for a period of three years.

Sirius said that it intends to focus its initial drilling activities on the re-entry of the Ororo-1 well, located in the Ororo field, which sits in shallow water of between 23 and 27 feet offshore Nigeria. Sirius owns 40 percent of the field.

The field was discovered in 1986 when Chevron drilled the Ororo-1 well, which tested at approximately 2,895 barrels per day of light crude oil (43-degree API).

Toby Hayward, a non-executive director at Sirius, commented in a statement:

"Our partnership with a major multinational oil trading company is transformational for Sirius, and Glencore's invaluable expertise marks a fundamental step in our strategy to put our initial assets into production and to build a portfolio of highly valuable oil assets."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  SBI Offshore Negotiates with ME-Chines... (Aug 27)
 -  Shell Makes Gas Find at Marjoram-1 Wel... (Aug 26)
 -  Hibiscus Clears Australian FIRB's Hurd... (Aug 22)
 -  Petrofac Chairman Resigns (Aug 22)
 -  Atlantic Farms Out PL528 Stake to Reps... (Aug 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Materials Engineer- Subsea
Expertise: Subsea Engineering
Location: Houston, Texas, TX
 
Shallow Water Product Engineer IV
Expertise: Mechanical Engineering, Subsea Engineering
Location: Houston, TX
 
Drilling Job
Expertise: Drilling Engineering
Location: Denver
 
search for more jobs