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In April 2004, the extension area north of block 5 was included to the production sharing agreement. Inauguration of new offshore facilities took place on 23 February 2005. [5] In May 2008, Maersk Oil drilled the world record extended reach well BD-04A in the field with the GSF Rig 127 operated by Transocean. The well was drilled incident free ...
Production sharing agreements can be beneficial to governments of countries that lack the expertise and/or capital to develop their resources and wish to attract foreign companies to do so. They can be very profitable agreements for the oil companies involved, but often involve considerable risk.
The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts.
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GlobalFoundries, which is majority owned by Abu Dhabi's sovereign wealth fund Mubadala, separately sued Armonk, New York-based IBM in New York federal court in 2023 for allegedly misappropriating ...
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Noble Energy received the concession to explore block 12 in October 2008. [11] In August 2011, Noble entered into a production-sharing agreement with the Cypriot government regarding the block's commercial development. [12] Sources in Cyprus indicated in mid-September that Noble had commenced exploratory drilling of the block. [13]
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