MOL Group has agreed to acquire interest in six licenses in the UK North Sea from Premier Oil UK Ltd. for $130 million.
The deal includes nonoperated equity stakes in the Nexen Inc.-operated Scott (21.84%), Rochelle (15%), and Telford (1.59%) fields, as well as participating interest in further exploration licenses such as the Rochelle Upper Jurassic deep prospect.
Nexen started production from Rochelle in October 2013. The field lies in 140 m of water on Blocks 15/26b, 15/26c, and 15/27 about 115 miles northeast of Aberdeen (OGJ Online, Oct. 25, 2013).
MOL estimates the deal increases its 2P reserves by 14.3 million boe from the three producing fields, of which Scott represents 9.3 million boe, Rochelle 4.4 million boe, and Telford 0.5 million boe. The three fields are comprised of 73% oil and 27% gas.
The company also sees further prospective resources totaling 7 million boe unrisked. Year-to-date production from the assets averages 3,700 boe/d, with peak production expected to reach 6,200 boe/d in 2016.
MOL says the deal creates “considerable operational synergies” with the company’s existing assets in the UK North Sea. Overall UK peak production for the company is now expected to reach 20,000-22,000 boe/d in 2018.
MOL in March completed a transaction in which it acquired offshore assets with 14 licenses in the North Sea from Wintershall for $375 million. During that time, the company set up an office in Aberdeen to support its operations and future expansion in the region (OGJ Online, Mar. 25, 2014).
