Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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aduk
The terms of any awards to BP/Shell in adjacent acreage are a matter of public record and are posted on the OGA website..
Unless they bid firm drilling, which they didn't, they are not obligated to drill. My recollection was that they agreed to shoot new seismic.
So in effect they have 4-6 years to review the acreage.
Has out started yet...I’m getting silence?
given that the Bluewater is already fitted out to extract for Hur, surely it is in Bluewater's interest to continue the lease with Hur if feasible
Cebo,
"not sure this is correct, the terms of the license will dictate when the have to drill and both BP and Shell can and do sit on licences for years before drilling them or handing them back."
Obviously, I do not know the exact licence terms. But 'normally' it should be within two years. But with 'covid' that may have changed.
FWIW, BP already produce substantial amounts of Oil from Fractured Basment West of Shetlands.
"normally should have done so" - not sure this is correct, the terms of the license will dictate when the have to drill and both BP and Shell can and do sit on licences for years before drilling them or handing them back.
FWIW, BP already produce substantial amounts of Oil from Fractured Basment West if Shetlands.
"normally should have done so" - not sure this is correct, the terms of the license will dictate when the have to drill and both BP and Shell can and do sit on licences for years before drilling them or handing them back.
" It might also be a question to ask OGA is why neither of those companies have not yet drilled on those blocks, when normally they should have done so."
Depends on what work programme they bid - they may just have bid new seismic - or even worse, seismic
reprocessing............. and WOS acreage often comes with much longer time frames than say S NSea
maybe because the licences surrounding HUR might have some potential but until drilled they won't know. But the region has conventional oil plays and the licences Shell and BP were awarded are not fractured basement. Obviously.
Why, a couple of years ago, did Shell and BP during the last licencing round, buy up the leases surrounding Lancaster, if it's so worthless? It might also be a question to ask OGA is why neither of those companies have not yet drilled on those blocks, when normally they should have done so.
Oh yeah. 'Covid'. Go tell it to the Marines.