Oil and gas company Apache has snapped up ExxonMobil’s North Sea assets for $1.7billion. The move sees the US firm, which also operates in Australia, Egypt and the USA, gain more of a foothold in the UK after buying into the region eight years ago.
The fields produce around 19,000 barrels of oil and natural gas liquids and 58 million cubic feet of natural gas per day. The deal is expected to boost Apache’s North Sea production by 54%.
G. Steven Farris, Apache’s chairman and CEO said: “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.”