Baron Oil, SundaGas Form JV to Explore E&P Opportunities in Southeast Asia
Baron Oil plc reported Friday that it has entered into a joint venture with SundaGas Pte Ltd., a new Singapore-based exploration and production company, to look into new business opportunities in Southeast Asia.
Under the arrangement, Baron will pay SundaGas a monthly fee for an initial period of 6 months from Oct. 1, after which the joint venture will be reviewed. Should opportunities already identified by SundaGas or are identified during the initial period come to fruition, the company will have the right to take an interest in them on the same terms as SundaGas.
SundaGas was established by Dr Andy Butler, formerly vice president for Business Development at Kuala Lumpur-based Mitra Energy Inc., with the latter holding many years of experience as an operator in Southeast Asia. SundaGas has already identified a portfolio of potential opportunities, ranging from new production sharing contract (PSC) applications to purchases of existing production as well as possessing field operations capability in the region.
"This offers a great opportunity for Baron to open up a new operation in one of the few areas of the World where there is both strong demand for oil and gas and the clear support of governments to make exploration and production easy to achieve. We are particularly interested in gas opportunities because of the stable, long-term pricing environment. Having access to the experience and deal flow of the SundaGas team gives Baron a head start that would take years to achieve if built from scratch," Bill Colvin, chairman of Baron, said in the press release.
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension