The company intends to use its subsidiary as a vehicle to take part in future licensing rounds conducted by the Norwegian Ministry of Petroleum and Energy
Canada-based oil and gas production company, Zenith Energy has announced the creation of its completely owned Norwegian subsidiary, named as Zenith Energy (Zenith Norway).
The establishment of the new subsidiary follows the announcement made on 9 December last year to use the subsidiary as a vehicle to take part in future licensing rounds to be conducted by the Norwegian Ministry of Petroleum and Energy.
Additionally, the new subsidiary has been formed to pursue the acquisition of ownership interests in mature energy production fields in Northern Europe.
The Canadian oil and gas company intends to mandate a Norwegian law firm to secure pre-qualification status for the acquisition of participating interests in Norwegian Continental Shelf (NCS) energy production licenses.
Zenith Energy is the operator of onshore oil field in Azerbaijan
Zenith Energy CEO Andrea Cattaneo said: “We are pleased to have formally established our presence in Norway and look forward to successfully obtaining pre-qualification status, the first step towards becoming a licensee.
“The Company is exploring a number of avenues to enrich our portfolio at a time of great opportunity for counter-cyclical expansion.”
The company is the operator of the giant onshore oil field in Azerbaijan following the signing of a 25-year rehabilitation, exploration, development and production sharing agreement (REDPSA), with State Oil Company of the Republic of Azerbaijan (SOCAR) in 2016.
Zenith also operates, or has working interests in many natural gas production concessions in Italy, where it produces natural gas, condensate and electricity.
In December last year, the Canadian oil and gas company scrapped its plans to acquire Norway-based oil and gas company Nordic Petroleum, owing to unexpected complications and high costs.
Zenith has also acquired Coro Energy‘s producing assets in Italy for a total consideration of £3.9m.
The acquisition is expected to position the company as one of Italy’s major natural gas producers and operators.