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    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

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    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

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  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

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    chevron invests in carbon capture and removal technology company, svante

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    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

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  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

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    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

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    Empire Petroleum buys US oil and gas assets from ExxonMobil

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Shell to buy 80% stake in Northern Petroleum’s onshore Italian permit

Yuvraj_ong by Yuvraj_ong
March 6, 2015
in Downstream, Europe, News
0

Shell has agreed to acquire an 80% operatorship interest in Northern Petroleum’s Cascina Alberto permit, onshore north-west Italy.

Shell has agreed to pay Northern Petroleum’s share of costs for seismic exploration up to a maximum of $4m and drilling costs up to $50m.

Northern Petroleum will also receive $850,000 cash up front. Shell will also have an option to acquire the remaining 20% stake in the permit.

The transaction is subject to approval from the Italian regulatory authority and Northern Petroleum said there are no profits or book value attributable to the permit, since it was only granted in July 2014.

Northern Petroleum chief executive officer Keith Bush said: “This farm in demonstrates the value inherent in Northern’s Italian asset portfolio.

“Northern will continue to progress its permits and applications with the Italian authorities and partner with companies with larger resources, where appropriate, to maximise their value.

“We look forward to working with Shell as we explore the potential of the Cascina Alberto permit.”

The joint venture will now focus on the re-interpretation of existing seismic and subsurface analysis to identify the need for additional seismic acquisition to assist in the location of a potential exploration well.

Northern Petroleum owns both operated and non-operated equity stakes in oil and gas licences globally.

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