Shell Sells Interest in UK North Sea Asset

Published at 12:59PM - 08/09/16

Royal Dutch Shell has successfully sold a 7.59% non-operated interest in the UK North Sea Maclure oil and gas field to the UK-based independent Nobel Upstream.

According to Nobel, the acquisition follows its strategy to build a balanced portfolio of upstream assets.

“We are very pleased that this important transaction in the North Sea has closed. Strong operational and economic performance this year has demonstrated that well-targeted investments in mature basins like the North Sea can deliver superior returns,” Nobel Upstream CEO Jeremy Huck said.

Shell Sells Interest in UK North Sea Asset

“We look forward to working with our partners on further development of the field and continue to pursue additional best-in-class opportunities,” he added.

Nobel Upstream already counts on upstream assets in the FSU and OECD regions with partners like Maersk, Apache and TAQA in the North Sea, ConocoPhillips and SOCAR in Azerbaijan and Three Span in the United States.

The transaction had been previously announced on 10 February and has received all the necessary approvals, Nobel Upstream informed in a statement.

“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”, Huck said in February, when the deal was firstly announced.

Maclure Oil Produced with Gryphon Tieback

The Maclure oil and gas field is located in the UK North Sea. It was discovered in 1991 and started production in 2002.

It is operated by Maersk, which owns a 38.19% stake, while TAQA owns 37.04% and Apache the remaining 17.18%.

By the beginning of this year, the field was producing an average of 8,200 barrels of oil equivalent per day (boepd) and 4.3 million square feet of gas per day.

The field has been developed as a subsea tieback to the Gryphon FPSO, also operated by Maersk, with oil from the field comingled with Gryphon and exported by shuttle tanker.