Oil and gas exploration and production firm Apache Corporation has entered into an agreement to acquire ExxonMobil's Mobil North Sea assets, including the Beryl field and related properties, for $1.75bn.
The fields have current net production of about 19,000 barrels of oil and natural gas liquids and 58 million cubic feet (mmcf) of natural gas per day.
Under the agreement, Apache will acquire operated interests in the Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields; operated interest in the Beryl/Brae gas pipeline and the SAGE gas plant; non-operated interests in the Maclure, Scott and Telford fields; and the Benbecula exploration acreage.
The acquisition is expected to increase the company’s North Sea production by 54% and proved reserves by 44%.
The transaction, which is subject to regulatory approvals and preferential rights, is expected to close by the end of this year.