Singapore: AziPac, a new exploration and production company focused on exploring for oil and gas in the maritime basins offshore in the Asia Pacific region and the Bay of Bengal has been established. AziPac is backed by Seacrest Capital Group, the global energy investor. AziPac will be headquartered in Singapore.
AziPac has secured a number of exploration licences in the Southeast Asian offshore and Bay of Bengal regions. Further details of the opening portfolio of licences will be made public following final regulatory approval in each of the relevant countries.
“The offshore Asia Pacific and Bay of Bengal regions are experiencing a resurgence in exploration for new oil and gas reserves. This is driven by exciting recent discoveries, new licencing rounds, new company entrants and, importantly, the potential for new technologies to be brought to bear in new and mature exploration areas,” commented David Sturt, director of AziPac.
“We aim to rapidly grow the company, with a focus on technology and innovative exploration thinking to unlock value in traditional and new oil and gas basins offshore Asia,” he added. [08/05/14]