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Versus Petroleum to acquire Itochu UK subsidiary
Verus Petroleum is to acquire Cieco Exploration & Production (UK), a wholly owned subsidiary of Itochu Corporation, for a total consideration of $400mn. The acquisition includes a 23.1% interest in the Western Isles Development Project, a 25.8% interest in the Hudson field, a 2% interest in the Brent Pipeline System, and a 1.2% interest in the Sullom Voe oil terminal.
According to Alan Curran, Chief Executive of Verus Petroleum: ‘This transaction builds on our Boa oil field acquisition in 2017, and our acquisition of interests in the Alba oil field and the Babbage gas field earlier this year. The combined Alba, Babbage and Cieco acquisitions increase our net production to around 18,000 boe/d.’
The Western Isles development includes the Harris and Barra oil fields, where production is currently on plateau in excess of 40,000 boe/d, with an estimated field life of 15 years.
News Item details
Journal title: Petroleum Review
Keywords: Energy
Countries: UK -
Subjects: Exploration and production, Business management
