Offshore staff
DUBLIN, Ireland – Total E&P Ireland has completed a farm-in to licensing option (LO) 16/27 offshore western Ireland.
This follows approval by the Minister of State at Ireland’s Department of Communications, Climate Action and Environment to the transfer of 50% equity and operatorship ofLO 16/27 (Avalon) to Total.
Under the terms of the agreement, Total has agreed to pay its pro-rata share of past gross costs of around $175,000, and 21.4% of past and future costs during the LO’s two-year term, up to a cap of $1.33 million.
If the company and partnersProvidence Resources and Sosina agree to convert the LO to a frontier exploration license, and commit to drill an exploration well, Total will pay 60% of the drilling costs, subject to a cap of $42 million.
10/18/2017
