Harbour Energy to lead acquisition of Shell UK North Sea assets for $3B

Harbour Energy Ltd., the energy investment vehicle managed by EIG Global Energy Partners, has agreed to lead the acquisition by Chrysaor Holdings Limited of a diversified portfolio of oil and natural gas assets from Shell UK Limited and its affiliates.

The asset package includes Shell interests in ten operated and non-operated field areas, in addition to associated infrastructure and midstream assets, and an organization of approximately 400 employees.  Collectively, the assets produced 115,000 barrels of oil equivalent per day in 2016. Harbour expects them to comprise approximately 350 million barrels of oil equivalent proven and probable (2P) reserves as at the transaction effective date of July 1, 2016.  Harbour Energy, together with funds managed by EIG, will provide Chrysaor with up to $1 billion to support the acquisition and provide future growth capital.  The remainder of the capital required for the acquisition will be provided by lenders.

Linda Z. Cook, the CEO of Harbour Energy, and R. Blair Thomas, the CEO of EIG, will serve as directors on the board of Chrysaor, with Cook assuming the role of chairman.

White & Case LLP is serving as legal counsel to Harbour Energy in connection with the transaction.

 

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

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

A Traders Guide to Analysis and Research

An e-book dedicated to helping you improve your analysis by looking at RBOB futures performance. ...