PRZOOM - /newswire/ -
Valetta, Malta, 2007/03/23 - Old British Colonial Oil and Gas company, revived by British Asian entrepreneur, returns to its traditional market in Borneo.
British Borneo Petroleum was founded in London in 1912, to oversee oil and gas licenses in the colonies of British North Borneo and Brunei. In 1999 it merged with ENI of Italy, ending nearly a century as an Independent British oil and gas company.
Now in an ironic twist, a British – Asian entrepreneur, Shiv Nair has revived the old name and is bringing the company back to its old stomping grounds in Borneo.
The company recently signed a joint operating agreement with P. T. Petro Nanggroe Aceh Darussalam (PETRONAD) of Indonesia, covering Aceh of which PETRONAD is the provincial oil company.
Under the agreement, British Borneo Petroleum and PETRONAD will jointly pursue acerage in Aceh, with British Borneo providing finance and technical expertise.
As the provincial oil company of Aceh, PETRONAD has right of first refusal on all exploratory and development blocks and intends to use its joint operating agreement to target fields with proven reserves. Aceh accounts for nearly 15% of all Indonesian production.
Nair, who is the CEO of British Borneo Petroleum stated that the company was also in discussions with Brunei National Petroleum Company about jointly bidding for assets in Indonesia, India and Libya. Additionally, MidMed Upstream a contract operator in which British Borneo holds a 50% share has just signed a joint operating agreement with the Hi-Tech group of Sudan. Hi-Tech owns a 20% interest in four blocks in the Sudan and 100% interest in four blocks in Mauritania:
“We are putting together a good multi-national technical team, are focused on proven fields in challenging areas, and whenever possible join with state companies to maximise value” said Larry Franks, Director Exploration of British Borneo. Formerly Head of Exploration at Magellan Australia, Larry is British Borneo’s Director Exploration, responsible for leading British Borneo, back into its historical home on the Island of Borneo.