Oil and gas firm Apache North Sea (ANS) said today it had completed its acquisition of the assets of Mobil North Sea, including the Beryl field, from ExxonMobil.
The £1.1billion deal, announced in September, has seen Apache assume operatorship of the Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields as well as the Beryl/Brae gas pipeline and Sage gas plant.
The transaction also included non-operated interests in the Maclure, Scott and Telford fields and exploration acreage at Benbecula, west of Shetland.
ANS has said it expects the move to increase its production in the region by more than 50%.
“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.
He added: “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.
Jim House, region vice president and managing director of ANS, said: “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.
“We look forward to a new period of growth with a strong, combined team.”