LGO Plans to Obtain New 30-Year Production Concession at Spanish Field

International oil and gas exploration and production firm, LGO Energy plc, announced Thursday that it wants to obtain a new 30-year production concession covering the Ayoluengo field in northern Spain, through a wholly owned subsidiary.

Ayoluengo was previously operated by LGO’s 100 percent owned Compañía Petrolífera de Sedano, S.L.U. (CPS) until the termination of the La Lora Concession Jan. 31. The company has formally notified the Spanish Ministry of Energy, Tourism and Digital Agenda that CPS wishes to immediately commence the process of obtaining a new 30-year production concession covering Ayoluengo.

"LGO holds all the relevant data, experience, technical studies, staff expertise and oil field equipment needed to rapidly re-establish, and further develop, oil production operations at Ayoluengo,” Neil Ritson, LGO's executive chairman, said.

“We hope that by moving quickly to establish the administrative requirement for a new concession the process can be completed quickly and our Spanish employees can return to paid employment as soon as possible,” he added.

Under European Union and Spanish legislation the offer of a new concession requires a process of public tender in which the previous concession holder has preferential treatment.

LGO is currently considering various options to apply for a new concession on a sole basis or in partnership with third parties, the company said.



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

WHAT DO YOU THINK?

Click on the button below to add a comment.
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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Conroe: Entry Level Material Conditioner
Expertise: Logistics Management|Materials Management |Supply Chain Management
Location: Conroe, TX
 
Regulatory Administrator Job
Expertise: Regulatory Compliance
Location: Denver, CO
 
Cook
Expertise: Camp Boss|Galleyhand|Ships Deckhand / Deck Crew
Location: Port Fourchon, LA
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours