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Apache acquires ExxonMobil North Sea assets for US$ 1.75 billion

Apache Corporation has agreed to acquire Exxon Mobil Corporation's Mobil North Sea LLC assets, including the Beryl field and related properties, for $1.75 billion.

The currently produce approximately 19,000 bpd of oil and 58 million ft3/d of natural gas. The fields have estimated proved reserves of 68 million barrels of oil.

The acquisition will increase Apache’s North Sea production by 54% and proved reserves by 44%.

The assets to be acquired include:

  • Operated interests in the Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields;
  • Operated interest in the Beryl/Brae gas pipeline and the SAGE gas plant;
  • Non-operated interests in the Maclure, Scott and Telford fields; and
  • Benbecula (West of Shetlands) exploration acreage.

"These major legacy assets will expand Apache's presence in the North Sea. They bring us significant remaining life, high production efficiency and quality reservoirs — the best North Sea assets we've evaluated since acquiring the Forties Field in 2003," said G. Steven Farris, Apache's chairman and chief executive officer. "There is a portfolio of low-risk exploitation projects, and we believe the complex structural setting holds reserve upside.

Published on 22/09/2011

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