Parkmead and DEO team up

Parkmead Group and DEO Petroleum have teamed up to hunt for oil in the North Sea, the firms announced yesterday. The 50-50 joint venture will focus on three areas in the central North Sea, ahead of the next UK continental shelf licencing round, as well as looking for joint acquisition opportunities. The collaboration agreement is set to last until at least December 2013, and was described by Parkmead chief executive Tom Cross as a “win-win”.