Avangrid Inc (NYSE:AGR) to supply consulting manpower to Lundin Norway

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Avangrid Inc (NYSE:AGR) have been granted a Frame Agreement with Lundin Norway for providing consulting services on and offshore Norway. The four-year agreement has the feature for extension such that the association goes on for eight years.

The Norway-based consulting unit is part of the worldwide AGR Consultancy business with presence in all important oil and gas hubs. The global team is presently offers manpower consulting to over 45 clients in more than 40 locations in the world

Manager of AGR Consultancy Norway, Thomas Veseth Saue expressed happiness that Lundin Norway had decided to retain AGR as a provider of specialist manpower. She added that in the present difficult business environment maintaining market ranking via long-term deals is pivotal to AGR’s strategy.

AGR has Well Management team in Norway that is planning and preparing two exploration wells for delivery in the Norwegian North Sea. AGR is handling the well construction as well as the operational execution of the Cara well that is situated in the production license PL 636 in lieu of Engie E&P.

The wildcat Brasse situated in the PL 740 and jointly run by Core Energy (50%), and Faroe Petroleum (50%) will be drilled to trial a structure directly to the south of the yielding Brage field. AGR is the Well Management organization supplying logistics, well construction, cost management support as well as operational execution.

CEO AGR, Svein Sollund said that his organization was delighted to implementing its famous Well Delivery Process to prominent companies such as Faroe Petroleum and Engie E&P. Both Cara and Brasse wells’ anticipates to be spud in Q2/Q3 2016 utilizing the Transocean Arctic rig.

AGR is also in the role of technical partner in the Karpinsky prospect development. Its exploration team is part of the evaluation of prospective resources of more than 10 billion BOE. AGR is aiding Karpinsky Oil and Gas in the development of potentially lucrative oil and gas license blocks the Oslo based organization controls in the Karpinsky Ridge Basin in the Rostov Oblast.

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