Advance CEO Leslie Peterkin
Advance Energy eyes expansion opportunities
Quality oil assets can still attract funding and interest even amid the current ESG environment, says Advance CEO
Timor-Leste’s Buffalo field is a “barn burner of an opportunity” says Leslie Peterkin, CEO of UK-headquartered Advance Energy, which recently farmed into the licence. Advance bought 50pc of the decommissioned Timorese oilfield from Australian independent Carnarvon Petroleum and agreed to put up to $20mn towards appraisal drilling works. The company was able to raise funds for the move at a challenging time for the wider oil sector as it “has a very different risk profile” to other companies, Peterkin explains to Petroleum Economist. Buffalo fit the company’s four main criteria for an asset of interest, which also partly explain why Advance is less exposed to risk than other upstream firms.
Also in this section
11 April 2025
The Gulf state’s offer to supply electricity-starved Syria is an opportunity to support a key ally, but Doha’s ambitions to build broader pipeline networks to Turkey and Europe face challenges
11 April 2025
As the global economy grows, demand for materials is expected to increase. The way materials are made could incorporate new technologies in the future to ensure economic growth is more sustainable
10 April 2025
Technology, policy and narrative are the three biggest factors that could change the course of our 2050 outlook
10 April 2025
Latin America’s largest economy expects big uptick in crude this year with the imminent arrival of several FPSOs
