Our Lead Associates have a proven track record of successful delivery of a wide range of Acquisitions & Divestments (A&D) value adding activity across a full spectrum of counter-parties including traditional Exploration & Production (E&P) companies, National Oil Companies (NOCs), major utilities, Far-Eastern conglomerates and hybrid private equity / sovereign wealth fund backed entities.
Some examples of projects completed are shown below:
Undeveloped Discovery Divestment
Led the divestment of Shell's 50% equity of Clipper South Fallow Discovery to Fairfield Energy Ltd in return for a cash consideration. Fairfield, along with RWE who farmed in subsequently, undertook a fast track development compliant with the Fallow Rescue requirements and first gas for the development occurred in Aug. 2012.
Alternative Business Model
Royalty deal with a private equity investment firm with the intention to develop a stranded near-field discovery and thereby removing a potential obstacle to decommissioning a major UK oil field. Existing Operator drilled the well on their behalf and would then provide production and operation services. In return, the Existing Operator would receive a percentage of the oil/gas under a royalty arrangement. This innovative business model was a milestone for the UKCS allowing the asset owners to participate in the undeveloped value in their portfolio where they were unable to allocate resources to move projects forward.
Gas Storage Opportunity
Tested the market appetite for divestment of a depleted gas field as a gas storage opportunity, able to store 2% of UK annual demand. Market demand was poor so sale was withdrawn and field cessation of production accelerated.
Project managed an innovative deal whereby the Joint Venture divested its interest in the NW Hutton Field, which ceased production in 2003, to Fairfield Energy in return for a cash consideration. Decommissioning of the existing North West Hutton field facilities commenced prior to the deal and has since been completed by the previous owners.
Developed a farm-out Package in the Greater Nelson / Forties area with Apache North Sea Ltd involving 'fast track' drilling opportunities, with the aim of promoting and facilitating near field exploration activity. Offered to Apache (Forties operator, therefore a natural owner) on an exclusive basis, although “fair market” farm-out terms were agreed. In a press announcement at the time, the Energy Minister commented "This innovative deal is a prime example of how oil majors can and are working with new entrants to maximise recovery from the North Sea for the benefit of all."
Various Acquisitions, Divestments and Swaps
Including: corporate acquisitions with Petrobras and Repsol; divestments of the UK Bacchus development and the Danish Gita/Maja license; swapped the UK Stavro field; etc.