Statoil (UK) Limited has agreed to pay $27m to Trap Oil Limited for a 70% stake in P.2170 licence in the UK Central North Sea.

Trap Oil Limited is a subsidiary of Jersey Oil and Gas plc, and CIECO Exploration and Production (UK) Limited.

Under the agreement, Statoil (UK) will make an up-front cash payment of $2m and fund up to $25m towards development of the first exploration well within the P.2170 licence, including Verbier and Cortina oil prospects.

Upon completion of the deal, the licence will be owned by Statoil (70%, operator), Trap Oil (18%) and CIECO (12%).

"Statoil (UK) will fund up to $25m towards development of the first exploration well."

Europa Oil & Gas (Holdings) plc has announced its plans to farm-out interests in exploration licence LO16/22 in the Padraig Basin, offshore Ireland.

The licence is located within the eastern perimeter of the Rockall Trough basin in a water depth between 800m and 2,000m.

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The licence occupies an area of approximately 992km² and holds gross un-risked prospective resources between 300 million and 600 million barrels of oil.

Sparrows Offshore Services Pte Ltd, a subsidiary of Sparrows Group, has partnered with SapuraKencana Technology Sdn Bhd to offer crane services in Malaysia.

The new partnership will handle production, distribution, operations, maintenance and overhaul of offshore and onshore cranes for the oil and gas industry in Malaysia.