Apache Completes Acquisition of ExxonMobil's Beryl Field, Other UK North Sea Assets

abarrelfullabarrelfull wrote on 03 Jan 2012 15:06
Tags: apache delas exxon north-sea uk upstream


Apache Corporation (NYSE, Nasdaq: APA) said today that its subsidiary Apache North Sea Limited has completed its previously announced acquisition of Exxon Mobil Corporation's Mobil North Sea Limited assets including the Beryl field and related properties.

Apache has assumed operations of the Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields, the Beryl/Brae gas pipeline and the SAGE gas plant. The transaction also included non-operated interests in the Maclure, Scott and Telford fields and exploration acreage at Benbecula (West of Shetlands).

"We are pleased to work with ExxonMobil in order to acquire the best North Sea assets we have evaluated since we entered the UK in 2003," said G. Steven Farris, Apache's chairman and chief executive officer. "These fields have significant remaining life, high production efficiency, quality reservoirs and a portfolio of low-risk exploitation projects; we also believe the complex structural setting holds reserve upside."

Apache's assumption of operations followed a comprehensive review of the transaction by several United Kingdom and Scottish government agencies.

"Completing this transaction while remaining focused on safe and environmentally responsible operations at both Apache and Mobil North Sea assets was the product of hard work by both the Apache and Mobil North Sea teams, along with cooperation from regulators," said James L. House, region vice president and managing director of Apache North Sea Limited. "We look forward to a new period of growth with a strong, combined team."


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