Press

Range Resources: Colombia Update


Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to announce that it has reached an agreement with Agencia Nacional de Hidrocarburos (“ANH”) to settle all outstanding claims and disputes between ANH and the consortium of Optima Oil Corporation and the Company (the “Consortium”).

As previously announced (on 1 September 2016), ANH had served a demand notice to the Consortium seeking payment of approximately US$53 million and had alleged that its actions were a result of various exploration work commitments not being fulfilled and the presentation of invalid letters of credit. The Consortium subsequently filed a comprehensive response to the claim.  Over the last 18 months, Range has been working with its legal advisers and the Consortium partners to reach an acceptable outcome and the key terms of the settlement arrangement are as follows:

  • ANH confirms that Range (and the Consortium) has no liability for any payments or debts;
  • All proposed penalties have been lifted;
  • The Consortium agrees to waive all potential claims against ANH; and
  • The Consortium agrees to the termination of the 3 exploration licences (PUT-5, VMM-7 and VSM-1).

The agreement between the Consortium and ANH is subject to court approval in Colombia which is anticipated to be received within the next 3-6 months. 

Range acknowledges the constructive approach taken by all parties during negotiations and is pleased to have reached a mutually acceptable outcome with ANH.  Range has no material assets in Colombia and is now commencing the process of closing its Colombian branch office which is anticipated to be completed during 2018.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

rangeresources.co.uk/investors/

Range ResourcesColombiaTrinidadIndonesiaOperations Update

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 12 days agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 4 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 9 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 9 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 9 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice