UK-based Baron Oil has entered a joint venture (JV) with Singapore-based SundaGas to look out for new business opportunities in South East Asia.
SundaGas is a new exploration and production company and has already identified a portfolio of potential opportunities that range from new production-sharing contract applications to acquisition of existing production.
Under the deal, Baron will pay a monthly fee to SundaGas for an initial period of six months, beginning 1 October this year.
The agreement will be reviewed after completion of this term.
Baron can earn an interest in the opportunities on the same terms as SundaGas in case they have already been identified by SundaGas or are identified during the initial period come to fruition.
Baron chairman Bill Colvin said: “This offers a great opportunity for Baron to open up a new operation in one of the few areas of the world where there is both strong demand for oil and gas and the clear support of governments to make exploration and production easy to achieve.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We are particularly interested in gas opportunities because of the stable, long-term pricing environment.
“Having access to the experience and deal flow of the SundaGas team gives Baron a head start that would take years to achieve if built from scratch."
