RockRose confirmed as new North Sea Brae area operator

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Offshore staff

LONDONRockRose has completed its $95-million acquisition of Marathon Oil U.K. and Marathon Oil West of Shetland.

The deal gives RockRose interests in three licenses in the UK central North Sea that together comprise the Greater Brae Area, which Marathon developed and operated; 28% of the BP-operated Foinaven field west of Shetland and stakes in the Foinaven East, T25, and T35 satellite accumulations; and shares of the SAGE, Brae-Forties and WOSPS pipeline infrastructure, which provide additional tariff income.

As a result, the company has grown its 2P reserves by around 28.4 MMboe to 62.9 MMboe, and acquired production of 11,000 boe/d, doubling its overall production to 22,000 boe/d.

Marathon’s assets and teams in Aberdeen, Peterhead, and offshore have also transferred to RockRose.

07/02/2019

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