Benchmark Energy reports that its wholly-owned subsidiary, Caribe Oil & Gas Ltd. ("Caribe"), has entered into a joint venture agreement with a privately-held Norwegian company, Fram Exploration AS, in regards to the pursuit of the acquisition or farm-in to eight (8) onshore oil
Under the terms of the JV, each party is entitled to 50% of whatever interest in the fields in Trinidad that Caribe and Fram are able to negotiate, and will share equally in the costs. Fram is already operating a field in Trinidad and so is deemed a qualified operator by Petrotrin. Caribe brings to the JV a 5-year preferential right to the proprietary well performance enhancement technology, known as "radial jetting technology", which the company recently utilized in Colombia on a pilot project with Ecopetrol SA.
Fram is based in Trondheim, Norway, with offices also in the US (Colorado) and Trinidad. It holds a 30% interest in the Whitewater gas field
Fram and Caribe are finalizing their assessment of the eight (8) onshore fields in Trinidad, and are preparing bids on one or more fields which are to be submitted to Petrotrin by February 27, 2009.
Most Popular Articles
From the Career Center
Jobs that may interest you