Alpha Petroleum Resources could secure the financing needed to make progress on sanctioning its Cheviot oil project in the UK North Sea before the end of June, writes Rob Watts.
The update came this week from floating production contractor Teekay Offshore, which agreed last October to provide its Petrojarl Varg floating production, storage and offloading vessel for the scheme.
Alpha entered into a formal agreement with Teekay to use the unit, but this remains dependent on the private equity-backed oil company securing the necessary financing to make a final investment decision.
