BG International and SSE E&P UK entered into an agreement with Block 23/16f participants, Serica Energy, Endeavour Energy UK, and EOG Resources UK, to transfer their equity of Block 23/21a in the UK North Sea.
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Columbus field. Map from Serica. |
Block 23/21a contains an extension to the Columbus field (the Block 23/21a Columbus Subarea). Block 23/21a Columbus Subarea lies directly south of Block 23/16f.
The BG and SSE interests in the Block 23/21a Columbus Subarea are being transferred to Serica, EOG and Endeavor in proportion to the interests held by the Columbus Participants in Block 23/16f.
Following completion of the transaction, Serica will be the operator of the Columbus field with 50% interest. Partners Endeavor and EOG will each hold 25%.
An extension has been granted to the license terms covering Block 23/16f to enable agreement on an export route to be reached and a field development plan to be submitted. A similar extension is expected to be granted in respect of the Block 23/21a Columbus Subarea license.
The transaction is subject to the consent of the licensing authorities, and is in the spirit of the Oil & Gas Authority’s commitment to expediting UK offshore oil and gas field developments.
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