UK energy companies are keen to expand their international operations in the Middle East and Africa, according on a study by the Bank of Scotland
The survey was conducted across 100 UK-based oil and gas companies and led the bank to state that international income already amounts to 44 per cent of the annual turnover of these firms.
Of the 100 companies surveyed, 64 cited overseas expansion as their top priority. Africa was the primary target area for 21 firms and Middle East was the preferred destination for 18 companies, the survey stated.
Stuart White, commercial area director of Bank Of Scotland, said, “The findings of this report are excellent news for the economy, demonstrating the employment generating nature of the oil and gas industry now and in the future.”
According to the Wall Street Journal, Genel Energy with White Rose Energy Ventures acquired a 15 per cent working interest in Blocks 38 and 39 offshore Angola in the Kwanza Basin. The targeted area is 14,000 sq km with water depths of upto 2,500 metres.
Tony Hayward, CEO of Genel Energy, said, ”This transaction provides a rare opportunity to enter into a low risk, multi-billion barrel resource play. It fits with our stated strategy of securing high quality exploration opportunities targeting very material resources, and further enhances the opportunity to add significant shareholder value through the drill bit in Africa.”
