Providence Resources strike deal with Petronas

expat network

Providence Resources strike deal with Petronas

Providence Resources, the Irish oil and gas exploration company, will increase their equity stake to 100% in the standard exploration licence (SEL) 2/11, located offshore Ireland.

The company has said it would take a 50% interest from its partner, PSE Seven Heads Limited, which is a wholly owned subsidiary of PSE Kinsale Energy Limited. Worth noting, Kinsale is a subsidiary of Petronas, Malaysia’s largest oil and gas company.

According to Providence, the transfer on interest is subject to approval from the Minister for Communications, Energy and Natural Resources.

Commenting on the announcement, Tony O’Reilly, Chief Executive of Providence said: “The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities.”

Providence did not specify if the transaction included any fee to be paid to Petronas.

To remind, this is the second deal Providence has reached with Petronas’ Kinsale in as many days.

The company, through its subsidiary Exola, on Thursday entered into an exclusive option agreement with PSE Kinsale Energy Limited over the southern portion of Offshore Petroleum Lease 1 (OPL 1), offshore Ireland.

Under the agreement, Exola will have the right to earn a 60% working interest in the southern portion of OPL 1, through the 100% funding and drilling of an exploration well in the Option Area. The area is immediately adjacent to the Barryroe oil field in the North Celtic Sea Basin.

Source: www.offshoreenergytoday.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.