Maersk Oil Sells North Sea Field Stakes

Published at 07:41AM - 16/09/16

Maersk Oil has agreed to sell its stakes in three non-operated fields located in the North Sea and onshore England to RockRose Energy.

Total production for the North Sea interests is estimated at around 2,000 barrels per day (bpd), industry sources reported.

“Any transaction would be subject to the agreement of a definitive Sale and Purchase Agreement (SPA) with Maersk and the usual regulatory permissions from the Oil and Gas Authority (OGA) and partners,” RockRose Energy informed in a statement.

Maersk Oil Sells North Sea Field Stakes

According to RockRose, the company has agreed to “non-binding headline terms and a period of exclusivity from Maersk Oil North Sea UK Ltd. to acquire its non-operated interests in the Wytch Farm (7.43%), Scott (5.16%) and Telford (2.36%) fields”.

The company stated further that any potential transaction remains subject to contract and has requested that the UK Listing Authority suspend the listing of the shares with immediate effect.

Maersk Oil Sells North Sea Field Stakes
The Scott Platform in the North Sea, is operated by Nexen

In the meantime, the transaction has been confirmed by Maersk Oil, as reported by media sources.

RockRose Strikes First Oil and Gas Asset Deal

Wytch Farm is the largest onshore oil field in Western Europe, located in Dorset, UK, producing oil and natural gas exported by pipeline and liquefied petroleum gas exported by road tanker.

The Scott and Telford fields, located in the Outer Moray Firth Basin of the UK Continental Shelf (UKCS), are operated by Nexen through the Scott platform.

Oil produced from the fields is exported via the Forties Pipeline System, while gas is transported via the Scottish Area Gas Evacuation (SAGE) pipeline.

This would be RockRose’s first ever deal, as the company only entered the London Stock Exchange in January.

Earlier in August, the company had already stated it was submitting bids for various assets hoping that the downturn in the market would facilitate the sale of oil and gas assets.