Nobel Upstream wraps up Maclure stake buy from Shell

Nobel Upstream, a UK-based exploration, and production company, has completed its acquisition of a 7.59 percent non-operated interest in the Maclure oil and gas field, in the UK North Sea, from Shell.

The company said on Thursday that, after having received all necessary approvals, the acquisition, announced back in February this year, has closed.

The Maclure field was discovered in 1991 and put into production in 2002. The field 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 percent, respectively.

Nobel Upstream reiterated that the acquisition, which is financially retroactive to January 1, 2016, is part of its strategy to build a balanced portfolio of upstream assets in the FSU and the OECD with partners including Maersk, Apache, and TAQA in the North Sea, ConocoPhillips and SOCAR in Azerbaijan, and Three Span in the United States.

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 commingled with Gryphon and exported by shuttle tanker.

Jeremy Huck, CEO of Nobel Upstream, commented: “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. We look forward to working with our partners on further development of the field and continue to pursue additional best-in-class opportunities.”

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