GulfSlope Energy Forms JV for GoM

Laxman Pai
Monday, July 1, 2019

GulfSlope Energy, an independent oil and natural gas exploration company, has signed a letter of intent to enter a joint venture (JV) for drilling of shallow water depth prospects in the Gulf of Mexico (GoM).

The oil and natural gas company focused on exploring offshore U.S. GoM said in a press release that it will retain and deploy a supra salt evaluation team consisting of three geoscientists and a manager to identify, evaluate and recommend targets for lease acquisition, farm-in and drilling.

GulfSlope didn't reveal the identity of the partner.

GulfSlope will serve as operator and will be compensated for the management and administration of the joint venture as well as reimbursed for direct G&A costs incurred on behalf of the joint venture.

The partner will have the right to participate up to 50% in the drilling of the shallow depth prospects generated and developed by the evaluation team. Additionally, subject to specific performance criteria, the partner will be granted an option to participate in the company's Corvette Prospect on a promoted basis.

"We are excited about the opportunity to be part of this Joint Venture and it represents a natural complement to our existing subsalt exploration program," stated John Seitz, Chairman and CEO of GulfSlope.

He added, "Our participation in this joint venture will allow us to leverage our proprietary reprocessed seismic data by pursuing supra salt prospects that have been overlooked by industry."

Categories: People & Company News Offshore Energy North America Shallow Water Geoscience Industry News

Related Stories

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Santos and QatarEnergy Agree Mid-Term LNG Supply

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Fugro Expands Geotechnical Testing Capabilities in Indonesia

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com