United Oil & Gas Secures Two Offshore Blocks
United Oil & Gas plc, an independent company established in 2015, has been awarded two blocks in the North Sea, according to an Aug. 23 company statement.
The company accepted the offer from UK oil and gas regulator the Oil and Gas Authority and was awarded offshore blocks 15/18d and 15/19b in the North Sea. The blocks include the Crown Oil Discovery, which is estimated to contain up to 16 million barrels of recoverable oil. They cover an area of 13.6 square kilometers.
“A number of factors including the existing multimillion barrel oil discovery, multiple leads and targets, an excellent location close to substantial oil fields, and the attractive cost profile of exploration and production in the North Sea all culminate to position these licenses as compelling investment opportunities,” United Oil & Gas CEO Brian Larkin said in a company statement. “Confirmation of the award enables us to pursue farm-out discussions with potential partners with whom we can work to take these licenses forward.”
Larkin added that the two blocks are “the latest additions to [United’s] portfolio of late stage appraisal/development projects in Europe and high-impact exploration plays in Latin America, Africa and the Caribbean.”
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.