Oil & Gas UK today (Monday, February 25) welcomed the news that that RockRose Energy has acquired Marathon Oil’s UK business in a £107million deal.
The sale gives RockRose 37-40 per cent operated interests in the Greater Brae Area, a 28 per cent stake in the BP-operated Foinaven field, and 47 per cent of Foinaven East, with output from the assets expected to average 13,000 barrels of oil equivalent per day (boepd) this year – bringing RockRose’s estimated total to 24,000 boepd.
Commenting on the sale, Mike Tholen, Oil & Gas UK’s Upstream Policy Director, said:
“This news is a further signal of confidence in the industry – new entrants bring fresh ambition for investment, reinvigorating activity in existing fields and pursuing new opportunities.
“The multi-million pound transaction is a fitting illustration of how the hard work to improve the attractiveness of the UK Continental Shelf is enabling a diverse range of investors to play into the basin.
“While we cannot comment on the commercial decisions of our members, we commend the contribution Marathon Oil has made to the success story of the UK North Sea. The sale, and indeed purchase of assets, is a natural part of the commercial life of the UKCS and presents new opportunities to maximise recovery.
“As our Economic Report showed, reduced costs, competitive fiscal terms, improved operational performance and more stable oil and gas prices have generated improved investment conditions. RockRose Energy’s acquisition shows the potential they see for growth, key to achieving Vision 2035.”