Vitol Secures Stake in Etinde Permit
Bowleven announced that the Etinde Permit farm-out transaction entered into with Vitol is completed. The transaction comprised the acquisition by VEP of an initial 25% interest in Etinde, in return for funding a $100 million gross work program; and an option to acquire a further 25% interest, in return for funding an additional $100 million gross work program and paying $25 million in cash to the Bowleven group to progress Etinde activities. The Etinde Permit area comprises three shallow water blocks (MLHP-5, MLHP-6 and MLHP-7) in offshore Cameroon, West Africa.SubseaIQ provides focused, in-depth coverage of offshore field development activities around the world, with daily updates on hundreds of offshore fields and facilities. Click here to sign up for the free weekly email newsletter.
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