Page 8 - EurOil Week 21 2021

EurOil INVESTMENT EurOil

PE-backed Tailwind

snaps up BP field

UK PRIVATE equity-backed UK North Sea opera- Sea junior Decipher Energy, again for an undis-
tor Tailwind Energy has struck a deal to buy BP’s closed price. That deal will give it 100% interests
Tailwind has been 27.5% non-operated interest in the Shearwater in the producing Mansell and Orland fields and
accumulating assets for gas field for an undisclosed sum. the Senna discovery.
several years. The deal, subject to partners’ rights and The Shell-operated Shearwater field is only
regulatory approvals, will become effective 35 km south-west from Columbus and will han-
as of January 1, 2021, and will add another dle the latter’s production. BP has been seeking
“high-quality producing asset” to Tailwind’s a buyer for its stake for some time, as it looks to
portfolio, the company said on May 24. Tail- hone its UK focus on new fields west of the Shet-
wind, established in 2016 and backed by land Islands.
private commodities and energy group Mer- BP agreed on a divestment to Premier Oil in
curia, has been steadily accumulating more January last year, but the oil price collapse meant
assets in recent years. the deal had to be renegotiated. Namely, the price
Tailwind bought Royal Dutch Shell and Exx- tag was lowered from an initial $625mn to only
onMobil’s interests in the Triton cluster in the $210mn. The transaction was then terminated
North Sea in 2018 and acquired the UK oper- completely after Premier opted to merge with
ations of Texan producer EOG Resources later Chrysaor to form Harbour Energy.
that year. In addition to Triton, it also produces Shearwater is 225 km east of Aberdeen. The
oil and gas at the Conway field in the East Irish high-pressure, high-temperature field started
Sea and a 25% interest in the Serica Energy-op- production in the 2000 with the use of two fixed
erated Columbus field in the North Sea, which is platforms. Its gas is pumped via the SEAL pipe-
scheduled to start up later this year. line to the Bacton terminal, while its condensate
The BP deal was announced days after Tail- is transported through the Forties system to
wind revealed it was set to take over fellow North Grangemouth and Cruden Bay. ™

P8 www. NEWSBASE .com Week 21 27•May•2021