Edison Strengthens Presence in UK Central North Sea

Edison announced the execution of a put&call option agreement with Apache Beryl, which will allow the Italian company to reach an overall UK production of 6,500 barrel of oil equivalent per day.

"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” Nicola Monti, Executive Vice President for Edison Upstream, commented in an emailed note. 

Edison has been awarded 4 licenses in the UK Central North Sea and 1 lichen in the Northern North Sea. 

'One further license, in the West of Shetland and one in the Central North Sea are still pending approval' the company reminded in the press release. 

The company intends to strengthen its UK portfolio, acquiring Apache Beryl's non-operated stakes in license P185 Block 15/22.

According to the company, the transaction is subject to customary closing conditions and, when completed, will increase Edison’s reserves by 8.7 Million barrel of oil equivalent (85% oil and 15% gas).