UK firm buys Shell stake in North Sea

Shell is to sell its 7.59% stake of in gas field in the North Sea. The oil giant has signed a sale and purchase agreement with UK firm Nobel Upstream. The completion […]

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By Jacqueline Echevarria

Shell is to sell its 7.59% stake of in gas field in the North Sea.

The oil giant has signed a sale and purchase agreement with UK firm Nobel Upstream. The completion of the transaction still remains subject to necessary approvals.

The Maclure oil and gas field started production in 2002 and currently generates 8,000 barrels of oil equivalent per day.

It is operated by Maersk which owns a 38.1% stake and E&P companies TAQA and Apache which have 37.04% and 17.18% respectively.

Jeremy Huck, CEO of Nobel Upstream said: “This acquisition is a perfect fit with our growth strategy and an important addition to our existing portfolio in Azerbaijan and North America. We see further potential in the field and consider it a best-in-class North Sea opportunity.”