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Shell completes sale of North Sea assets

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Shell has today completed the sale of its North Sea assets to Chrysaor- making the latter the leading UK North Sea independent E&P company.

The package of assets includes Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion.
Chrysaor has secured a package of Shell's assets that include Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine.
(Image via Flickr user Dave Conner).

Production from the acquired assets is forecast to average just under 120,000 net barrels of oil equivalent per day for 2017, with current unit operating costs running at less than $15 a barrel.

Commenting on the completion of the deal, Phil Kirk, Chief Executive of Chrysaor, said:

“With the acquisition of this package of high quality, low cost production assets, Chrysaor becomes the leading independent in the UK North Sea. We are grateful to Shell for collaborating with our team to ensure a smooth and safe transition. I am excited at the prospect of our highly professional existing and new staff working together with our new licence and supply chain partners to develop and grow the company together.”

“Safe and efficient operation of the assets is our primary objective as we pursue our development plans. We are already working hard to mature drilling opportunities in the Chrysaor-operated assets, secure further third-party business for the hub assets, and actively support viable development initiatives proposed by our partner-operated assets.”

Shell’s sale of its North Sea assets is indicative of a new paradigm that is emerging across the UK Continental Shelf; namely that a new generation of independent operators are ‘taking the baton’ from the legacy oil majors, buying up their operational assets and seeking to produce oil in a leaner, more profitable way by pursuing marginal gains.

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Tags: Oil & Gas
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