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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
