Acquisition of Oil Field in UK North Sea

abarrelfullabarrelfull wrote on 26 Dec 2013 13:28

December 25, 2007

On 21st December, 2007, MCX Dunlin (UK) Ltd. and MCX Osprey (UK) Ltd., 100% subsidiaries of Mitsubishi Corporation, jointly with the UK independent Fairfield Energy Ltd's subsidiary companies, Fairfield Betula and Fagus Ltd., have agreed with Shell UK Ltd., Esso Exploration and Production UK Ltd, Statoil (UK) Ltd and OMV (UK) Ltd. to acquire the assets of Dunlin oil field and surrounding oil fields. The transfer of the assets will be completed after third party consents, including UK government's approval.

Mitsubishi will retain 30% of the assets, while Fairfield, as an operator, will hold 70%.

Dunlin and other oil fields are located in Brent area of UK North Sea, about 500km north north east from Aberdeen in the water depth of about 150 meters. By teaming up with Fairfield who has people with vast experiences in UK North Sea operations, Mitsubishi wish to achieve an increase in production volumes from the current production level of
below 10,000b/d.

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