Atlantic Petroleum completes Orlando field sale

first_imgFaroese oil and gas company Atlantic Petroleum has completed the sale and purchase agreement with Decipher Energy for its 25 percent interest in the Orlando field in the UK North Sea.Atlantic said on Monday that the consideration is a two percent revenue share of the total Orlando production revenue until the field has produced five million barrels of oil.After that, the revenue share to Atlantic Petroleum increases to 4.35 percent of the total Orlando field revenue. Also, $1 million of the initial two percent revenue has been prepaid to Atlantic Petroleum.The company added that it would not be participating in or funding the development of Orlando, and the only involvement for the company would be receiving its share of the sale proceeds when the field starts production.Ben Arabo, CEO of Atlantic Petroleum, said: “We are very pleased to complete the agreement with Decipher Energy and we look forward to the field commencing production. There is significant upside to Atlantic Petroleum from the Orlando sales proceeds if the field performs as expected or better.”The two companies agreed to the 25 percent interest sale back in mid-March. This was the second time the Orlando development had been put up for sale. Atlantic had agreed to sell its interest for the first time last year but the buyer, Bridge Petroleum, backed out of the deal.According to the most recent Competent Persons’ Report prepared for Atlantic by Gaffney Cline and Associates announced in March 2015, Orlando holds between 8.5 and 15.3 million barrels of recoverable reserves. Initial production rates on Orlando are expected to be in excess of 10.000 barrels per day.Decipher Energy is now a sole owner of the Orlando field, as it in April 2017 completed the acquisition of Iona Energy Company (UK), which held a 75% interest in both Orlando and Kells fields.Offshore Energy Today Stafflast_img read more

FIFA task force recommends pre-Christmas winter World Cup in 2022

first_imgA FIFA task force has recommended that the 2022 World Cup of soccer be held in the winter. A final decision is to be taken at a meeting of FIFA’s executive committee next month.The recommendation announced by the task force on Tuesday, was expected to meet major resistance from Europe’s major professional soccer leagues, including Germany’s Bundesliga, the English Premier League, and Spain’s La Liga, as it would cause major disruption to their domestic seasons.Sheikh Salman bin Ebrahim Al-Khalifa, the head of the Asian Football Confederation told reporters in Doha, where the task force met, that all options would be reviewed at next month’s meeting of FIFA’s executive committee in Zurich.”Some people have concerns, but whatever decision you’re going to take will have some questions about it,” Sheikh Salman said.”But… we need to look at the overall benefit of everybody.”He also said that the task force had proposed shortening the length of the tournament by a few days, but that there were no plans to cut the number of games (64) or teams (32) involved in the tournament.Qatar won the right to host the 2022 World Cup based on the assumption that it would take place in June and July as is traditionally the case, but objections were quickly raised from various quarters, warning that high summer temperatures could be extremely uncomfortable for supporters and potentially dangerous to the health of the players. The entire bidding process for the 2022 World Cup, as well as the 2018 edition of the tournament, which was won by Russia, has also been the subject of much controversy.last_img read more