Factbox: UK North Sea oil and gas fields bought by private groups - Reuters

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Tailwind, a private oil producer backed by commodity trader Mercuria, has agreed to buy BP's stake in the Shearwater oilfield in the British North Sea, it said on Monday. read more

The British North Sea has been undergoing a changing of the guard with oil majors selling oil and gas fields to private equity-owned groups.

The new owners say they can squeeze out more and cheaper barrels from North Sea fields than big companies, making faster decisions and specialising in North Sea extraction.

Here is a list of recent deals:

Deals in 2016

• OMV <a href="https://ift.tt/3wt26fx" target="_blank">(OMVV.VI)</a> sells its British North Sea assets to Siccar Point, backed by private equity groups Blackstone <a href="https://ift.tt/3oN9ks4" target="_blank">(BX.N)</a> and Bluewater, for up to $1 billion.

• BP merges its Norwegian North Sea assets with Det norske, creating a new entity Aker BP <a href="https://ift.tt/3yDziTd" target="_blank">(AKERBP.OL)</a>.

Deals in 2017

• Royal Dutch Shell <a href="https://ift.tt/2nA0gLG" target="_blank">(RDSa.L)</a> sells North Sea assets to Chrysaor, backed by Harbour Energy, an investment vehicle of EIG Global Energy Partners, in a $3.8 billion deal.

• Engie <a href="https://ift.tt/34hexPi" target="_blank">(ENGIE.PA)</a> sells its exploration and production business, including North Sea assets, to Neptune, backed by private equity funds Carlyle Group <a href="https://ift.tt/2T88QRs" target="_blank">(CG.O)</a> and CVC, in a $3.9 billion deal.

Deals in 2019

• ConocoPhillips <a href="https://ift.tt/3vkRXRW" target="_blank">(COP.N)</a> sells North Sea assets to Chrysaor for around $2.6 billion.
• Chevron <a href="https://ift.tt/34f8WJt" target="_blank">(CVX.N)</a> sells North Sea assets to Israel's Delek Group <a href="https://ift.tt/3hQtakI" target="_blank">(DLEKG.TA)</a> for $2 billion.
• Exxon <a href="https://ift.tt/3bTfIIX" target="_blank">(XOM.N)</a> sells Norwegian North Sea assets to Var Energi, backed by Eni <a href="https://ift.tt/2TfIDka" target="_blank">(ENI.MI)</a> and private equity fund HitecVision for $4.5 billion.

Deals in 2020

• Premier Oil will be renamed Harbour Energy Plc after a reverse takeover by private equity-backed Chrysaor due to complete in the first quarter of 2021. [USN:L8N2KS4TO]

Deals in 2021

• Exxon agrees to sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than $1 billion.[USN:L4N2KU3PE]
• Cairn Energy <a href="https://ift.tt/3fjh2XW" target="_blank">(CNE.L)</a> agrees to sell its stakes in British fields Catcher and Kraken to private equity firm Waldorf Production for $460 million. [USN:L4N2L71Y9]
• Tailwind, a private oil producer backed by commodity trader Mercuria, has agreed to buy BP's stake in the Shearwater oilfield. [USN:L2N2NB1DT]

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May 25, 2021 at 04:50PM
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Factbox: UK North Sea oil and gas fields bought by private groups - Reuters

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