Neptune North Sea deals to ‘unlock opportunities’

Deirdre Michie

Trade body Oil & Gas UK said Neptune Energy Group’s decision to acquire interests in two of Apache North Sea’s development and exploration assets in the UK Central North Sea “will help unlock future opportunities.”

Oil & Gas UK chief executive Deirdre Michie said: “Neptune’s interest in the Seagull development and the Isabella prospect reflects its confidence in the continued potential of the UK Continental Shelf and the basin’s growing competitiveness.

“These transactions will help unlock future opportunities for industry, making optimum use of existing infrastructure in the Central North Sea and enabling the timely and economic development of new fields in a key hub.”

Neptune Energy Group said it agreed to acquire certain development and exploration assets in the UK Central North Sea from Apache North Sea Limited, a wholly owned subsidiary of Apache Corporation.

Neptune will acquire Apache’s 35% working interest in the Seagull development and a 50% working interest in the Isabella prospect, both operated by ANSL.

Neptune Energy Group CEO Jim House said: “In line with our strategy of expanding positions in key jurisdictions, Seagull and Isabella are both high quality opportunities which complement our existing assets within the broader North Sea theatre of operations.

“We are extremely pleased to announce our second acquisition since the completion of the ENGIE E&P transaction last February.

“The signing of the SPA with Apache, which follows the announcement in June of our agreement to acquire VNG Norge, underlines our determination to continue building a leading international independent E&P company.”