Petrex Developments – an Aberdeen-based subsea engineering and project management specialist – is presently working on behalf of an undisclosed global oil giant and new client to provide due diligence for a potential merger and/or acquisition of a N. Sea operator.
This is one of a number of new M&A take-over hunts which have been triggered by the ongoing slump in N. Sea crude oil prices to $50-barrel – which has left billions of barrels marooned below the economic recovery price, thereby foreshortening the remaining working life of the basin.
Even when Brent crude was achieving $110-barrel, the North Sea was still one of the most expensive oil fields in the world in which to operate
Petrex spokesman Ian Pithie said: “With the increase in oil and gas assets currently on the market we have seen several major operators looking to gain acreage – either to acquire existing discoveries or to farm-in to exploration prospects.
“It is interesting to note that some operators are talking about the sale of certain assets whilst potentially retaining the decommissioning liability.
“This could turn out to be one of the greatest financial incentives offered in recent years.
“Petrex Developments is presently assisting the undisclosed International Operator challenge current costs and create further value to their business.”