Nobel Upstream Purchases 7.59% Stake in Maclure Field From Shell
Perhaps in an effort to make a substantial move while oil and gas prices are falling and industry land prices are sitting at attractive levels, Nobel Upstream has announced the signing of a deal to acquire a 7.59% interest in the Maclure oil and gas field from Royal Dutch Shell.
With its acquisition, Nobel Upstream, the independent UK-based exploration and production company, joins a group of other elite exploration and production companies operating in the region. The other stakeholders include Maersk, which owns a 38.19% stake, TAQA at 37.04% and Apache at 17.18%.
When asked about this exciting and important acquisition, Nobel Upstream’s CEO Jeremy Huck stated:
“We are very pleased to announce this acquisition and look forward to working with the other stakeholders and, in particular, Maersk who has demonstrated excellent operational management of this asset. 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.”
The Maclure oil field was first discovered by 1991. It is located in the British-controlled waters of the North Sea. Since being placed under production in 2002, it has been producing up to current levels of 8,000 barrels of crude oil per day. In making this purchase, Noble Upstream has made it clear it wants to expand and balance its portfolio of oil land holdings between the North Seas and parts of West Texas.
Nobel Upstream is a privately held oil exploration company with its primary headquarters located in London, England. Originally owned and operated as a wholly-owned subsidiary of Nobel Oil, the company was spun-off in 2014 at which time the company set off buying oil properties for exploration and drilling. They maintain operations in Baku, Azerbaijan and Houston, Texas where current exploration is ongoing.