EurOil: more North Sea M&A on the horizon

Further North Sea M&A deals are on the horizon, with both Shell and ONE-Dyas reported to be seeking divestments. 

Shell is preparing to sell stakes in two gas fields in the southern UK North Sea, in line with the general trend of international oil majors leaving the mature region in recent years in favour of frontier, high-impact plays. Shell plans to shed its 50% stake in the fields at the Clipper hub and at the Leman Alpha complex, sources told Reuters. Both fields deliver gas via pipeline to the onshore Bacton gas processing plant in eastern England.

Meanwhile, private equity-backed Wardorf Production is nearing a deal to buy oil and gas assets in the UK and Dutch North Sea from ONE-Dyas for $1bn, sources told Reuters in a separate report. Wardorf might also acquire ONE-Dyas fields in Norway and Gabon, if the latter company fails to find alternative buyers.

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