New UK player buys out Shell, Exxon at Triton
- Business & Finance
Tailwind Energy has signed an agreement with Shell and ExxonMobil to acquire their interests in the Triton Cluster, which Tailwind intends to further develop.
The Triton Cluster, located in the UK Central North Sea 190km east of Aberdeen, was initially brought into production in 2000.
Tailwind said in a statement on Thursday that the deal is subject to regulatory and partner approvals and is expected to complete in the first half of 2018. No staff will be transferred as part of the transaction, the company added.
Tailwind Energy is a new oil and gas company focused on acquiring and investing in United Kingdom Continental Shelf (UKCS) assets.
It is being supported by Mercuria, a privately-held energy group. Mercuria will provide Tailwind with a fully integrated capital and crude oil marketing solution.
Tailwind has an agreement with Petrofac to provide transition, operations and project execution services in support of its activities.
The Triton FPSO is located in block 21/30 approximately 120 miles east of Aberdeen, and produces oil and gas from the Bittern, Clapham, Pict, Saxon, Guillemot West and North West fields. Oil is exported via shuttle tanker and gas via Fulmar gas line to St Fergus.
Before the sale, Shell had 26.42% interest in the Triton FPSO, Exxon had a 20% and Endeavour Energy still has 1.614%.