Edison acquires stakes in Scott & Telford fields in North Sea in UK for 41 million euro
30 April 2015
Edison announces the acquisition from Apache Beryl I Ltd (a subsidiary of Apache Corporation) of its assets in license P185 Block 15/22 in the UK Central North Sea, which include non-operated equity stakes in the Scott (10.5% unitised Working Interest “WI”), and Telford (15.7% unitised WI) fields. The transaction has a total value of 41 million euro and will increase Edison’s reserves by 8.7 Million barrel of oil equivalent (85% oil and 15% gas).
In 2014 the equity production of Scott and Telford fields has been 1.276 million barrels of oil equivalent and it is expected to remain stable in the next 3-4 years - ensuring an average of 3,500 barrel of oil equivalent per day to Edison. Thanks to the operation Edison expects to reach an overall UK production of 6,500 barrel of oil equivalent per day, increasing Edison total daily production to 53,500 barrels of oil equivalent.
Scott and Telford fields are operated by Nexen, one of the most reputable and experienced operators in the region.
“The transaction strengthens Edison’s presence in the United Kingdom Continental Shelf and, together with already existing activities in the country, creates significant operational synergies and provides several additional strategic rationales.” - comments Nicola Monti, Executive Vice President for Edison Upstream – “The acquisition in Scott and Telford fields, combined with the recent awards in the 28th Seaward licensing round, demonstrates Edison determination in strengthening its UK portfolio and represents a further growth platform for the Company”.
Edison successfully participated to the 28th Seaward Licensing Round and, on November the 6th 2014, has been awarded 4 licenses in the UK Central North Sea and 1 license in the UK Northern North Sea. One further license, in the West of Shetland, and one in the Central North Sea are still pending approval.
Edison currently holds interests in 4 production fields in the Southern Gas Basin (Markham, Killmar, Garrow e Wenlock) in addition to the participation in 3 exploration licenses in the Central North Sea and West Shetland Islands.
In 2014 the equity production of Scott and Telford fields has been 1.276 million barrels of oil equivalent and it is expected to remain stable in the next 3-4 years - ensuring an average of 3,500 barrel of oil equivalent per day to Edison. Thanks to the operation Edison expects to reach an overall UK production of 6,500 barrel of oil equivalent per day, increasing Edison total daily production to 53,500 barrels of oil equivalent.
Scott and Telford fields are operated by Nexen, one of the most reputable and experienced operators in the region.
“The transaction strengthens Edison’s presence in the United Kingdom Continental Shelf and, together with already existing activities in the country, creates significant operational synergies and provides several additional strategic rationales.” - comments Nicola Monti, Executive Vice President for Edison Upstream – “The acquisition in Scott and Telford fields, combined with the recent awards in the 28th Seaward licensing round, demonstrates Edison determination in strengthening its UK portfolio and represents a further growth platform for the Company”.
Edison successfully participated to the 28th Seaward Licensing Round and, on November the 6th 2014, has been awarded 4 licenses in the UK Central North Sea and 1 license in the UK Northern North Sea. One further license, in the West of Shetland, and one in the Central North Sea are still pending approval.
Edison currently holds interests in 4 production fields in the Southern Gas Basin (Markham, Killmar, Garrow e Wenlock) in addition to the participation in 3 exploration licenses in the Central North Sea and West Shetland Islands.
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