Seapulse forms exploration partnership with EnQuest
- Business & Finance
Recently launched global oil and gas exploration firm Seapulse has entered into a strategic alliance with London-listed oil company EnQuest.
Seapulse said on Monday that it entered into a strategic alliance with a subsidiary of EnQuest to streamline the development process for discoveries.
The partnership follows Seapulse’s recent partnership with Maersk Drilling which aims to deliver 12 exploration wells, testing 6 billion barrels of oil in the next two years. The program is expected to start in mid-2019 with an expected duration of 490 days.
“Seapulse is executing on an innovative strategy adopting a low-cost, high-impact portfolio approach to offshore exploration in order to maximize value creation and diversify risk,” the company said.
According to Seapulse, the strategic alliance allows the company to access EnQuest’s expertise and capabilities in fast-track offshore project engineering and execution without the cost of duplicating that capability in-house.
EnQuest would benefit from initial data insight and the preferential farm-in option rights to Seapulse’s discoveries, without the cost exposure to exploration.
Seapulse co-founder and CEO Scott Aitken said: “I’m delighted that we have entered into this strategic alliance with EnQuest, who have strong capabilities to select appropriate development and production options to commercialize and develop discoveries.
“This alliance builds on our business model of eliminating duplication in the sector and finding a lean approach to the frequent exploration and development of a world-scale portfolio of prospects.”
It is worth reminding that Seapulse is an oil and gas exploration investment company co-founded in 2018 by Seacrest Group and I-Pulse, Inc.