Oranje-Nassau agrees to price for Sterling’s North Sea interests
Sterling Resources has agreed to sell its UK interests to Dutch E&P independent Oranje-Nassau Energie for $163 million, minus various adjustments.
The company’s main asset is a stake in theBreagh gas field in the UK southern North Sea, operated by INEOS.
Alexander Berger, CEO of ONE, said: “I am very pleased to announce that ONE has reached an agreement with Sterling which, as with theSean acquisition from Shell and Esso, will substantially grow our UK footprint and adds another high-quality long-term gas asset to our portfolio.
“Since ONE was acquired in 2009, production has increased fourfold and this deal makes a significant step towards reaching our longer-term 150 MMboe reserves target.”