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.