Neptune Energy Group has agreed to acquire from Apache North Sea Ltd. (ANSL), a subsidiary of Apache Corp., Houston, certain development and exploration assets in the UK Central North Sea. The purchase price was undisclosed.
The assets include Apache’s 35% working interest in the Seagull development and 50% working interest in the Isabella prospect; both operated by ANSL.
The Seagull development will consist of a multiwell subsea tieback project to existing nearby facilities that will begin in 2019 with the start of production expected before first-quarter 2022.
Drilling on Isabella prospect—one of the largest undrilled exploration opportunities in the Central North Sea, according to Neptune—are expected to begin in 2019.
Seagull and Isabella are high-quality opportunities that complement Neptune’s existing assets “within the broader North Sea theatre of operations,” said Jim House, Neptune’s chief executive officer.
In June, Neptune agreed to acquire VNG Norge’s portfolio of production, development, and exploration assets on the Norwegian continental shelf.
Subject to regulatory approvals, the deal is expected to close this year.