UK: Apache Takes Over ExxonMobil's North Sea Assets

Apache North Sea, a subsidiary of Apache Corp, has today completed the acquisition of ExxonMobil's assets in the UK North Sea.

As part of the acquisition, Apache will take over operations on several assets of the Mobil North Sea assets, including the Beryl, Buckland, Ness, Nevis, Nevis South and Skene fields, the Beryl/Brae gas pipeline and the SAGE gas plant. Apache will also gain ExxonMobil's non-operator interests in the Maclure, Scott and Telford fields and exploration acreage at Benbecula (West of Shetlands).

The acquisition completes the sale of the assets that was first agreed in September 2011 at a value of $1.75 million. The transaction was completed after a review of the sale from several UK and Scottish government agencies.

"We are pleased to work with ExxonMobil in order to acquire the best North Sea assets we have evaluated since we entered the UK in 2003," chairman and chief executive officer of Apache, G. Steven Farris said. "These fields have significant remaining life, high production efficiency, quality reservoirs and a portfolio of low-risk exploitation projects; we also believe the complex structural setting holds reserve upside."

"Completing this transaction while remaining focused on safe and environmentally responsible operations at both Apache and Mobil North Sea assets was the product of hard work by both the Apache and Mobil North Sea teams, along with cooperation from regulators,' James L. House, region vice president and managing director of Apache North Sea Limited said. "We look forward to a new period of growth with a strong, combined team."