Nobel Upstream Acquisition of Stake in UK North Sea Maclure Oil and Gas Field Successfully Completed
Friday 9 September 2016
Nobel Upstream, the independent UK-based exploration and production company, today said its acquisition of a 7.59 per cent non-operated interest in the Maclure oil and gas field from Shell, announced on 10 February 2016, has successfully closed after having received all necessary approvals.
The acquisition, which is financially retroactive to 1 January 2016, is part of Nobel Upstream's strategy to build a balanced portfolio of upstream assets in the FSU and the OECD with strong partners including Maersk, Apache and TAQA in the North Sea, ConocoPhillips and SOCAR in Azerbaijan and Three Span in the United States.
Jeremy Huck, CEO of Nobel Upstream, commented: "We are very pleased that this important transaction in the North Sea has closed. Strong operational and economic performance this year has demonstrated that well-targeted investments in mature basins like the North Sea can deliver superior returns. We look forward to working with our partners on further development of the field and continue to pursue additional best-in-class opportunities”.