Trident Energy out of London is looking for the next big energy asset in Southeast Asia. The number one focus will be a search for mid-life producing assets that then can be redeveloped to boost the value.
Trident Energy is comprised of mostly former senior executives from Perenco, an Anglo-French oil firm and came to life in September.
Currently they are looking at both onshore and offshore possibilities for Africa, Latin America and Southeast Asia.
Thibault d’Argent, Trident’s new business manager stated: “We believe there is a big mid-life asset potential in Southeast Asia, mostly in Indonesia, Thailand, and Malaysia and also in Brunei, Vietnam and the Philippines…so it’s a good time to invest.”
According to d’Argent, the company is particularly interested in fields that are producing more than 15k barrels per day and that have more than 50 million barrels in reserves.
The company’s ultimate goal will be to flip current operations of several facilities in order regain stability and then resell the assets in 5 to 10 years.
Trident has already received a $500 million line of equity from a private U.S. firm and is in negotiations and talks with several others to include a sovereign fund.
Low oil prices is pushing big oil companies to either rid themselves of what they currently have, or seek additional outlets of finance. Thailand looks to be one of these potential outlets.