In 2002 a group of highly experienced oil industry professionals convened to discuss how to take advantage of the changing demographics in the North Sea. In the UK sector, in particular, the major oil companies were divesting their portfolios of their smaller fields. So was born Corsair Petroleum, whose mission is to acquire undeveloped marginal oil and gas discoveries and to build a portfolio of those which are commercially viable.

The company evaluates in detail undeveloped fields that potentially are available for acquisition at minimal cost, in order to identify how they could be profitably developed. Those fields which indicate an acceptable chance of having reserves, defined by internationally accepted standards, are pursued for addition to the portfolio. Equity is traded in the portfolio’s fields to facilitate their development.

The company is managed full-time by its two Directors, Simon Gorringe and Trevor Ridley. Simon has proven industry experience in bringing field developments to completion on schedule and within budget. Recent examples of Simon’s successes include the development of the Jupiter, Boulton and Keith Fields in the UKCS. Trevor has proven experience in identifying apparently marginal opportunities suitable for field development and following through with the necessary subsurface planning and design. Recent examples of such successes include the developments of the Oribi Field in South Africa and of the Keith Field on the UKCS.

Technical, financial or administrative services are brought in as needed from third parties using - where possible - innovative commercial arrangements that help the company manage its cash flow to optimum effect. These arrangements incentivise the service providers by allowing them to share in the success of the company.

Latest News

15th October 2006

Chris Newport joins the company as shareholder and takes the role of Commercial Director.