BP to Sell Shearwater Field Stake to Tailwind
UK-focused Tailwind Energy said Monday it had agreed to acquire BP's interest in the Shearwater offshore field for an undisclosed fee.
BP holds a 27.5% non-operated interest in Shearwater, and
Tailwind will acquire the whole stake owned by the British oil major.
"The transaction, which is subject to partner and
regulatory approvals, furthers Tailwind’s growth strategy by adding another
high-quality producing asset to our portfolio," Tailwind said.
The Shearwater field and an associated offshore platform are
located about 140 miles (225 kilometers) east of Aberdeen. The field is
operated by Shell.
Offshore Engineer reached out to BP, seeking info on the
value of the deal. BP confirmed the sale to Tailwind, but the spokesperson
would comment further on the value.
Worth noting, BP had agreed to sell interests in Andrew area
fields and the Shearwater stake to Premier Oil, in early 2020 for $625 million.
Owing to Premier's funding issues, the two oil firms later
agreed to restructure the deal and reduce the cash value to $210 million.
However, Premier was acquired by Chrysaor in October 2020, and the deal fell
through.
Also worth noting, Tailwind's announcement of the Shearwater
stake acquisition comes days after the company last Friday said it had agreed
to sell its entire working interest in the Conwy field, in the East Irish Sea,
to the Italian oil giant Eni. No financial details for that transaction were
shared, either.
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