Upland and its partner will work together exclusivity over five years.
Ltd () has inked a memorandum of understanding for a new venture in Brunei.
The agreement, with Bruneian oil and gas industry services provider Viddacom, envisages a joint venture to evaluate and licence oil and gas exploration opportunities.
Upland will hold 60% of the venture with pro-rata cost and revenue allocations. It will allow both parties to work together exclusively within Brunei Darassalam for a period of up to five years.
‘We are very pleased to enter into this MOU and firmly believe that the combined expertise of both companies offers a mutually beneficial relationship within the oil and gas industry in Brunei,” said Chris Pitman, Upland chief executive.
“It provides the joint venture with a strong competitive advantage and we look forward to working closely with Viddacom to evaluate target interests and pursue licence applications through the Brunei Petroleum Authority.’