Bridge, the Oslo Axess-listed oil and gas exploration and production company signed an agreement in December 2011 for the crude oil sales from the Duart field with Shell Trading and Shipping Company (“STASCO”).
The acquisition of a 50% equity interest in the Duart field from Nexen was completed in December 2011 for an adjusted consideration of $37.85 million.
The terms of the sales agreement with STASCO are favourable to both Bridge Energy and Shell and are based around a regular monthly sales figure based on actual production quantities and market spot prices per month. In addition to this, the sale of 171,525 bbls of accumulated stock in relation to the production from the field since 1st January 2011 for a total consideration of US$18.4MM (or for US$107/bbl) has been agreed with STASCO.
The Duart field, situated in block 14/20 on the UK continental shelf, is a high quality Cretaceous interval oil reservoir contained in a simple high relief tilted fault block structure. The field was developed in 2007 with a single subsea development well near the crest of the structure, which is supported by a strong natural aquifer drive. The well is tied back to the nearby Talisman operated Tartan platform.
Jim Brunton, MD of Bridge UK commented:
“We are very pleased to have agreed the sales contract with Shell for the production from our Duart field. STASCO are one of the oldest and most respected trading partners in the oil industry and we look forward to working with them in the future.”
[mappress] Offshore Energy Today Staff, January 6, 2012