Perenco has completed the acquisition of Saturn Banks assets in the U.K. Southern North Sea after receiving regulatory approval.
The transaction, agreed with CalEnergy Resources, includes the purchase of CalEnergy North Sea Limited and CalEnergy Infrastructure Limited, which have been renamed Perenco SNS Limited and Perenco UK Infrastructure Limited.
Perenco said the deal also gives it a 50% participating interest and operatorship of the Blythe and Elgood licences.
The assets are part of the Southern North Sea gas basin and are linked to Perenco’s existing infrastructure, including the Bacton terminal on the Norfolk coast.
“Perenco is glad to add these blocks into our existing portfolio of Southern North Sea fields that produce into our Bacton terminal on the Norfolk coast. Our immediate focus will be on continuing safe and efficient operations. In the medium term we will look for ways to enhance production and reduce unit operating costs, including by bringing the Blythe H2 well into our LAPS compressor within the coming year,” said Jo White, UK SNS General Manager at Perenco.
The acquisition strengthens Perenco’s position in the U.K. gas sector, where the company operates a number of mature fields and associated infrastructure.