Nobel Upstream to Acquire Stake in UK North Sea Maclure Oil and Gas Field
Thursday 11 February 2016
Nobel Upstream, the independent UK-based exploration and production company, has announced it has signed a sale and purchase agreement to acquire a 7.59 per cent non-operated interest in the Maclure* oil and gas field from Shell. Completion of the transaction remains subject to necessary approvals.
The Maclure field, located in the UK North Sea, was discovered in 1991 and put into production in 2002. The field is currently producing 8,000 BOEPD and is operated by Maersk who owns a 38.19% stake. In addition, leading global E&P companies TAQA and Apache hold 37.04 and 17.18 per cent respectively.
The acquisition is part of Nobel Upstream’s strategy to build a balanced portfolio of upstream assets in the FSU and the OECD (UK North Sea, West Texas).
Jeremy Huck, CEO of Nobel Upstream, commented: “We are very pleased to announce this acquisition and look forward to working with the other stakeholders and, in particular, Maersk who has demonstrated excellent operational management of this asset. This acquisition is a perfect fit with our growth strategy and an important addition to our existing portfolio in Azerbaijan and North America. We see further potential in the field and consider it a best-in-class North Sea opportunity.”
Source: Noble Upstream
* The Maclure field is a single well subsea tieback to the Gryphon FPSO.