Forum in Philippines settlement

Asset: the Rubicon FPSO at the Galoc oilfield

Nido

Steve Marshall

, Steve Marshall

 10 May 2011 11:54 GMT

UK-based Forum Energy has agreed a settlement with Basic Energy in a dispute over cost recovery on service contracts off the Phillippines.

The pact, which results from an arbitration process, is intended to resolve issues between the two companies dating back to Forum’s $5 milliion acquisition in 2006 of Filipino minnow Basic Petroleum & Minerals, a subsidiary of then parent Basic Consolidated.

Basic Energy had been seeking to recover costs of up to more than $9 million arising from its former interests in service contracts 14A and B, 14-C and other blocks in SCs 6 and 14 off north-west Palawan, which were assigned to Forum Energy Philippines (FEP), a wholly-owned subsidiary of…

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