PRD Energy Scoops Up License Duo in Germany

PRD Energy has been awarded the Ostrohe exploration license, which covers approximately 156,000 acres, as well as the Prasdorf production license, covering approximately 2,000 acres. Both licenses are located in the state of Schleswig-Holstein, within the Northwest German Basin.

The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Ostrohe license, said PRD.

The Ostrohe license is awarded for an initial period of five years and includes all rights from surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial five year term.

The Prasdorf production license previously produced petroleum and was abandoned by its former operator in 1992. It covers approximately 2,000 acres and has been awarded for an initial period of three years and includes all rights from surface to basement. Pursuant to the terms of the license, PRD said it is committed to bringing one well onto production within the initial three-year term.

PRD's subsidiary in the country has also applied for several other exploration and production licenses in Germany on behalf of PRD, and anticipates responses to these applications in the coming months.

The awards of both licenses are subject to review and approval by various municipal and state government authorities in Germany.

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PRD Energy Scoops Up License Duo in Germany

PRD Energy Inc. has been awarded the Ostrohe Exploration License covering approximately 156,000 acres as well as the Prasdorf Production License, covering approximately 2,000 acres. Both licenses are located in the state of Schleswig-Holstein, and are within the Northwest German Basin. The licenses have been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Ostrohe license. The Ostrohe license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.

The Prasdorf Production License previously produced petroleum and was abandoned by its former operator in 1992. The Prasdorf Production License covers approximately 2,000 acres and is awarded for an initial period of three years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial three year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.

PRD Energy GmbH has also applied for several other exploration and production licenses in Germany on behalf of PRD, and anticipates responses to these applications in the coming months.

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Subsea 7 Scoops Up Petrobras Work Offshore Brazil

Subsea 7 S.A. announced the award of three contracts with a combined value in excess of $300 million from Petrobras.

The scope of work comprises the installation of flexible lines by the Seven Seas, under two lump sum contracts and one day rate contract.

The lump sum contracts encompass the installation of two export flexible Lazy Wave Risers at the Sapinhoa and Lula NE fields in the Santos Pre-Salt Basin in water depths of approximately 6,890 feet (2,100 meters). The day-rate contract encompasses the project management, engineering and installation of Petrobras - supplied flowlines and umbilicals. Operations will commence in 2013.

"We’re proud to be selected by Petrobras to perform these important projects, using our in-depth experience of operating in ultra-deep water. We look forward to supporting Petrobras in future developments," Subsea 7 Senior Vice President for Brazil Victor Bomfim said.

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Subsea 7 Scoops Up Petrobras Work Offshore Brazil

Subsea 7 S.A. announced the award of three contracts with a combined value in excess of $300 million from Petrobras.

The scope of work comprises the installation of flexible lines by the Seven Seas, under two lump sum contracts and one day rate contract.

The lump sum contracts encompass the installation of two export flexible Lazy Wave Risers at the Sapinhoa and Lula NE fields in the Santos Pre-Salt Basin in water depths of approximately 6,890 feet (2,100 meters). The day-rate contract encompasses the project management, engineering and installation of Petrobras - supplied flowlines and umbilicals. Operations will commence in 2013.

"We’re proud to be selected by Petrobras to perform these important projects, using our in-depth experience of operating in ultra-deep water. We look forward to supporting Petrobras in future developments," Subsea 7 Senior Vice President for Brazil Victor Bomfim said.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here