Norway's Energy Ministry Prequalifies PA Resources
The Swedish oil and gas company PA Resources has been prequalified as a license-holder on the Norwegian continental shelf by the Norwegian Ministry of Petroleum and Energy.
"I’m very pleased that we have reached this very important milestone for the company,"said Ulrik Jansson, PA Resources' president and CEO. "Our intention is to build a strong portfolio of licenses in Norway and become an active producer of oil and gas on the Norwegian continental shelf. There are a lot of interesting opportunities in Norway, and a strong Norwegian portfolio is a good complement to our activities in Tunisia and West Africa."
PA Resources' business strategy is to acquire, develop, and exploit oil and gas reserves as well as actively explore for new reserves. The group is one of the largest oil producers in Tunisia and is active as operator both onshore and offshore. The company also owns licenses in Equatorial Guinea.
Becoming prequalified as a licensee allows the company to move forward with several projects that have been on hold. Descriptions of the projects follow.
- In June 2005, PA signed an agreement with Total to acquire 10 percent in the Volve field. The field is under development, and production is expected to begin during the first quarter of 2007.
- In November 2005, the company signed an agreement with DONG Norge AS to acquire 30 percent in production license 274, including the Oselvar discovery.
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