Oil giant Shell has scooped up minority stakes in two west of Shetland oil fields from Siccar Point Energy.
Shell has acquired a 30% non-operated working interest the Cambo discovery and a 22.5% non-operated working interest the Blackrock prospect from the Aberdeen-based minnow.
A final appraisal well is planned on the Cambo discovery in Summer 2018 and an exploration well is planned on the Blackrock prospect in 2019. Details of the consideration are not being disclosed but the key elements are a cost carry contribution on both the wells and any subsequently approved development on Cambo.
Jonathan Roger, Siccar Energy chief executive, said “We are pleased that Shell has agreed to join us as a partner in this exciting project as their interest is testament to the potential of the Greater Cambo Area.”
Siccar Energy also has interests in three of the largest UK assets by remaining reserves – Schiehallion, Mariner and Rosebank.
Meanwhile, Hurricane Energy has cleared the sea-bed of boulders off West Shetland for the planned installation of its Lancaster oil platform – 12 months ahead of schedule.
3 Apr 2018