Edison acquires stakes in Scott and Telford fields in North Sea

Italian energy company Edison, reported yesterday it executed the acquisition of stakes in Scott & Telford fields in the UK North Sea, operated by Nexen, for 41 million euros.

This will add 3,500 barrel of oil equivalent per day to Edison’s production to its current of 50,000 barrel, the company said.

After announcing the acquisition of assets in licence P185 Bloc 15/22 in the UK North Sea from Apache Beryl l Ltd, a subsidiary of Apache, in January this year, the company has now executed the acquisition.

According to Edison, the acquisition includes non-operated equity stakes in the Scott (10.5% unitised Working Interest “WI”), and Telford (15.7% unitised WI) fields. The company said that the transaction has a total value of 41 million euro and will increase their reserves by 8.7 Million barrel of oil equivalent (85% oil and 15% gas).

Edison said that they expect the equity production of Scott and Telford fields from the year 2014 of 1.276 million barrels of oil equivalent to remain stable in the next 3-4 years.

The company expects to reach an overall UK production of 6,500 barrel of oil equivalent per day, which would increase their total daily production to 53,500 barrels of oil equivalent.

Strengthening the presence in UKCS

The company reminds of successful participation to the 28th Seaward Licensing Round and, on November the 6th 2014, being awarded 4 licenses in the UK Central North Sea and 1 license in the UK Northern North Sea. One further license, in the West of Shetland, and one in the Central North Sea are still pending approval, the company says.

Nicola Monti, Executive Vice President for Edison Upstream comments: “The transaction strengthens Edison’s presence in the United Kingdom Continental Shelf and, together with already existing activities in the country, creates significant operational synergies and provides several additional strategic rationales. The acquisition in Scott and Telford fields, combined with the recent awards in the 28th Seaward licensing round, demonstrates Edison determination in strengthening its UK portfolio and represents a further growth platform for the Company”.

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