Tailwind in another North Sea acquisition
- Business & Finance
Oil and gas company Tailwind Energy has agreed with EOG Resources to acquire EOG’s UK business.
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 commodities and energy group.
Following recent completion of the acquisition of Shell and ExxonMobil’s interests in the Triton oil cluster in the UK North Sea, Tailwind Energy on Tuesday announced the next stage of its growth.
As part of the inherited EOG UK portfolio, Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non-operated interest in the Columbus gas development project and other minor asset interests in the North Sea.
Tailwind noted that its acquisition of EOG’s UK business is subject to regulatory approvals.
Upon completion of this transaction, Tailwind expects to produce in excess of 15k bbl/d across its portfolio.