Deals this week: Providence Resources, ArcLight Capital Partners
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Deals this week: Providence Resources, ArcLight Capital Partners

05 Jan 2018

Ireland-based Providence Resources Plc intends to farm-out part of its stake in Standard Exploration License (SEL) 1/11, which contains the Barryroe oilfield. 

Ireland-based Providence Resources Plc intends to farm-out part of its stake in Standard Exploration License (SEL) 1/11, which contains the Barryroe oilfield.

Lying in 100m of water in the North Celtic Sea Basin offshore Ireland, the licence covers an area of approximately 614km².

Providence Resources’ subsidiary Exola DAC owns 80% interest in the licence and is the operator, while the remaining 20% is owned by Lansdowne Oil & Gas Plc.

“Perdido production facility is an offshore spar installed in 8,000ft of water in southern Alaminos Canyon offshore Gulf of Mexico.”

ArcLight Capital Partners has acquired a 26.5% non-operated interest in the Perdido deepwater production facility from BP Plc’s wholly owned subsidiary BP Exploration & Production Inc.

Perdido production facility is an offshore spar installed in 8,000ft of water in southern Alaminos Canyon offshore Gulf of Mexico.

The acquisition is part of ArcLight Capital’s strategy to identify and implement investment opportunities in the Gulf of Mexico.

ArcLight Capital Partners is a private equity firm, while BP Exploration & Production Inc is an oil and gas company. Both companies are based in the US.