PGS has formed a new Acquisition and Divestment (A&D) focused Energy Transaction business unit. The new unit, part of PGS’ Reservoir Consultants subsidiary has already successful acted as consultant in the sale of a multi-national oil company’s interest in nine producing fields in the Gulf of Mexico.
ATP Oil and Gas
Six of the fields were sold to ATP Oil & Gas Corporation and three were sold to other industry parties. As of January 2001, the properties sold to ATP produced approximately 7 million cubic feet of natural gas per day and 340 barrels of oil per day, with a monthly net cash flow of approximately $1.4 million.
PGS chairman Reidar Michaelsen said “With the high volume of oil and gas property transactions continuing to accelerate, this new business unit is expected to generate multiple opportunities over the coming years. We are excited that PGS can add value to this growing market.”
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