Apache selling stakes in North Sea prospects to Neptune
Neptune Energy Group has an agreement to acquire certain development and exploration interests in the UK central North Sea from Apache North Sea.
These are Apache’s 35% interest in the Seagull development and a 50% stake in the Isabella prospect, both of which Apache operates.
Pending regulatory approvals, the deal should be completed this year.
Neptune said the assets would provide a low cost, near-term development opportunity close to existing infrastructure, and a material undrilled prospect.
Seagull looks set to be developed via a multi-well subsea tieback project to existing nearby facilities. Work should get under way next year, with first production expected before 1Q 2022.
Isabella is thought to be one of the largest undrilled exploration opportunities in the UK central sector, with drilling also getting under way in 2019.