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Enegi Oil announces extension to exclusive option agreement with Wood Group PSN


Published Mar 12, 2014
Enegi Oil

Enegi and ABTechnology (ABT), the owners of ABT Oil & Gas (ABTOG), have agreed to extend the option agreement with Wood Group PSN ('WGPSN') until 31 March 2014. The option agreement allows WGPSN the possibility to expand its participation in the development of the marginal field initiative.

Alan Minty, CEO of Enegi, commented,"The continuing recovery of hydrocarbons from mature basins is becoming an increasingly important topic within the industry, none more so than the UKCS. Regulators and governments are keen to maximise recovery from such mature basins which has become more difficult as discovery sizes diminish, production rates decline, infrastructure is decommissioned and costs increase.

Tags: Enegi Oil




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