Ithaca buys into Cook, Maclure

Offshore staff

CALGARY, Canada -- Ithaca Energy has agreed to pay $74.5 million to acquire interests from Hess in two producing oil fields in the UK North Sea. The company will take 28.46% of the Cook field in block 21/20a, operated by Shell. Production here averaged 7,940 boe/d in 2010.

Ithaca will also receive 7.41% of the BP-operated Maclure oil field in the northern North Sea, which averaged 5,857 boe/d last year. However, production is presently suspended, as the offtake facility – Maersk’s Gryphon FPSO – is undergoing repairs to its mooring system, which broke free during a storm in February.

In addition to the cash payment, Ithaca will transfer to Hess 10% of exploration blocks 42/25b, 43/16a, and 43/21c in the southern North Sea.

Ithaca expects the transaction to go through this summer.

04/04/2011



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...