Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/mart-resources-signs-agreement-for-alternative-exp.shtmlMart Resources signs agreement for alternative export pipeline for Umusadege field
Mart Resources, Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company
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Mart Resources, Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited (together "the Co-venturers") report the signing of an agreement to establish a second export pipeline for Umusadege field oil production.
Mart and its Co-venturers have been evaluating options to construct a new export pipeline to transport Umusadege field oil production. Upon completion, a new export pipeline is expected to expand transportation capacity and mitigate the risk of reliance upon a single export pipeline for Umusadege oil exports. As a first step toward this objective, Mart and its Co-venturers have entered into a Crude Oil Purchase Agreement (the "COPA") with Shell Western Supply and Trading Company ("Shell Western") pursuant to which Mart and its Co-venturers agree to sell and Shell Western agrees to purchase future Umusadege oil production. Mart and its Co-venturers anticipate that Umusadege oil will also continue to be exported under its existing Crude Handling Agreement with Nigerian Agip Oil Company.
