Ithaca, Noble Energy agree to UK North Sea field sales

Offshore staff

CALGARY, Canada -- Ithaca Energy has agreements with Noble Energy Capital to acquire two UK subsidiary companies with interests in two producing UK North Sea fields.

The Cook oil field, operated by Shell in block 21/20a in the central North Sea, is developed as a single well subsea tieback to the Shell-operated Anasuria FPSO: Cook’s oil is offloaded via shuttle tankers and its gas sent to shore via a pipeline.

By acquiring the stake of Noble’s subsidiary, Ithaca would lift its existing interest in Cook to 41.345%.

The other transaction involves a 14% stake in the MacCulloch oil field in central North Sea block 15.24b. MacCulloch is developed and currently operated by ConocoPhillips, although there is a pending transfer of field operatorship to Endeavour Energy UK.

The field produces oil and gas from four subsea wells tied back to the North Sea Producer FPSO, with processed production sent ashore through separate pipelines.

Ithaca expects to completion both transactions early next year, subject to regulatory and joint venture approvals, including agreement concerning decommissioning cost security.

10/9/2012

 

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