Nobel Upstream, the independent UK-based exploration and production company, has signed a sale and purchase agreement to acquire a 7.59 percent non-operated interest in the Maclure oil and gas field, in the UK North Sea, from Shell.
Completion of the transaction remains subject to necessary approvals.
The Maclure field 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, global E&P companies TAQA and Apache hold 37.04 and 17.18 per cent respectively.
According to the company, 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).
The Maclure field has been developed as a subsea tieback to the Gryphon FPSO located 3km to the west and also operated by Maersk. Maclure oil is comingled with Gryphon and exported by shuttle tanker.
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.”