Fairfield Energy, a UK oil company, has sold its interest in the producing Clipper South gas field, in the UK North Sea, to a petrochemicals giant, INEOS.
The sale of 25% interest in the Clipper South field was done through the sale of Fairfield’s two 100% owned subsidiaries, Fairfield Acer Limited and Fairfield Cedrus Limited.
Clipper South is a gas field located off the east coast of England, gas is produced via a wellhead platform tied by a 12” pipeline to Conoco’s LOGGS facility, from where gas is exported onshore 100km to the Theddlethorpe Gas Terminal.
Fairfield acquired 100% interest and operatorship in Clipper South from subsidiaries of Shell and ExxonMobil in March 2008. In July 2009, Fairfield farmed down 50% of its interest and transferred operatorship to RWE and in September 2010, Fairfield completed a farm-in agreement with Bayern Gas, under the terms of which Bayern Gas acquired a 25% interest from Fairfield.
Fairfield said that the sale also included minor stakes in non-core E&P assets and was consistent with Fairfield’s remit to focus on the successful decommissioning of Dunlin for the foreseeable future. The deal follows the announcement in the summer that Fairfield has started the decommissioning programme for the Dunlin field cluster in the northern North Sea working in conjunction with the relevant regulators and authorities.
David Peattie, CEO of Fairfield Energy, said: “I am pleased to announce the sale of our interests in Clipper South and other assets to INEOS. This sale is part of our strategy to become a decommissioning focussed company where our priority is the safe and efficient decommissioning of the Dunlin field cluster in the northern North Sea. We are now building on our existing specialist capabilities and expertise to do this.”