Chrysaor’s deal for a package of Shell’s North Sea assets is a strong vote of confidence for the North Sea, Oil and Gas UK (OGUK) said.
The set includes Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion.
Upon completion of the sale, Shell will be left with the operatorship of five fields in the central and northern North Sea, and the ONEgas assets to the south. Its main non-operated assets include Clair, Schiehallion and Etap.
OGUK chief executive Deirdre Michie said: “Maintaining a diversity of operators in the region is crucial and we welcome Shell’s continued significant presence here as well as the arrival of new companies like Chrysaor.
“We also welcome Chrysaor’s intent to explore and invest in its new portfolio; this sends positive signals about the opportunities the UK’s offshore oil and gas basin has to offer.
“This region still has the potential to yield many more millions of barrels of hydrocarbons, helping to meet the country’s primary energy needs, secure jobs and generate wealth for the economy.
“Following on from similar deals in recent months, the new activity that this transaction could generate will be good news for the sector’s supply chain across the UK, which has been severely impacted by the downturn.”
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