LGI, GeoPark Partner To Acquire, Develop Upstream Oil, Gas Projects
Published: 12-Mar-2010
LG International (LGI) and oil and gas explorer and producer GeoPark have formed a new strategic partnership to jointly acquire and develop upstream oil and gas projects in Latin America.
The objective of the LGI-GeoPark strategic growth partnership is to build a portfolio of upstream opportunities and the intent is to leverage the platform and experience of both partners to identify and carry out side-by-side acquisitions, initially targeting upstream projects in the $100m-$500m range size.
GeoPark will be the manager of the partnership and operator of acquired projects. It will have the right to earn additional equity interests in each project, in addition to its working interest, in accordance with a formula based upon the financial performance of each acquired project. The initial term of the partnership is three years and the target for closing the first acquisition is during 2010.
Gerald O'Shaughnessy, chairman of GeoPark, said: "LG is one of the world's great industrial enterprises and we are proud to be partnering with them on this important initiative, which represents a new phase in our company's development. Following our consistent success in Chile, it has been GeoPark's intention to expand into new projects in Latin America.
"By combining our efforts with the strategic aim and financial and technical muscle of LGI, we will be able to accelerate this expansion, as well as target larger and more attractive projects. Strategic long term partnerships have been a key element of GeoPark's business plan and development to date and we see this alignment and partnership with LGI as the underpinning for our next stage of growth."
LGI is the energy, natural resource and trading affiliate of LG Corporation. It has invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan.
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