Advance Energy eyes expansion opportunities
Quality oil assets can still attract funding and interest even amid the current ESG environment, says Advance CEO
Timor-Leste’s Buffalo field is a “barn burner of an opportunity” says Leslie Peterkin, CEO of UK-headquartered Advance Energy, which recently farmed into the licence. Advance bought 50pc of the decommissioned Timorese oilfield from Australian independent Carnarvon Petroleum and agreed to put up to $20mn towards appraisal drilling works. The company was able to raise funds for the move at a challenging time for the wider oil sector as it “has a very different risk profile” to other companies, Peterkin explains to Petroleum Economist. Buffalo fit the company’s four main criteria for an asset of interest, which also partly explain why Advance is less exposed to risk than other upstream firms.
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy