Beijing based oil exploration company Keystone Delta Oil today announced that talks are in process to secure a fourth exploration license in the South China Sea.
Apr. 5, 2013 - BEIJING, China -- At a press meeting held this morning at Keystone Delta Oil's offices in Beijing, Chief Executive Officer Mr Peng Chong announced Keystone Delta Oil will seek to invest in a new license within the much disputed South China Sea over the coming months.
Despite having already multiple drilling platforms on three active licenses in the region, Keystone Delta Oil will continue to expand and invest in the South China Sea, where currently its entire asset portfolio is situated. This, according to Keystone Delta Oil's Chief Executive Officer, is due to the hugely underestimated oil reserves within the region, which have dissuaded the board of directors for looking further afield.
At present Keystone Delta Oil's three licenses portfolio cover 3200km square and can be divided into producing (licenses SCS019 and SCS022), and exploratory (license SCS028). According to Peng Chong, this new license acquisition along with exploratory license SCS028 could potentially double the output of Keystone Delta Oil over the com ing twenty four months.
Chief Executive Officer Mr Peng Chong declined to comment on the specifics of the potential new acquisition but said "We are focused in our objectives, and we will be making major changes within both our company and our asset portfolio across 2013. The site was identified by our recently appointed Non-Executive Director at Keystone Delta Oil, Dr Zhang Wei, who is now in the process of managing the sites acquisition."
Further information is as yet not being released on the precise timeframe for acquisition or location of the site in question; however this information is expected to be made public over the coming weeks.