Press Releases

Nobel Upstream's latest press releases:

 

27/03/2018 – Nobel Upstream completes Risk Service Agreement with SOCAR on the Umid-Babek field in Azerbaijan ❯

SOCAR and Nobel Upstream: Risk Service Agreement reached for the Umid-Babek gas condensate field in the Azerbaijan Caspian Sea

London, 27th March 2018 – Nobel Upstream, an independent UK-based oil and gas exploration and production company has announced that it has entered into a Risk Service Agreement, and other necessary implementing agreements, with the State Oil Company of the Azerbaijan Republic (SOCAR) governing the exploration, appraisal and development of the giant scale Umid-Babek gas condensate field located in the Azerbaijan sector of the Caspian Sea.

The Risk Service Agreement, or RSA, was ratified by the Azerbaijan Milli Mejlis (parliament) and signed into law by the President of the Azerbaijan Republic on 2 May 2017. The RSA is an innovative structure and Azerbaijan’s first RSA in which SOCAR will play the key role. Most notably, the RSA retains the essential legal and commercial features of the successful production sharing agreements (PSA) entered into by major international oil companies, including the BP-operated ACG and Shah Deniz projects and the Total-operated Absheron development. Azerbaijan PSAs have served as models of stability and have ensured the protection of all shareholder rights while also providing robust financial returns to all stakeholders.

Nobel Upstream and SOCAR have established the Umid, Babek Exploration and Production company, which will serve as the contractor under the RSA. Nobel Upstream holds a twenty per cent (20%) interest in the company.

Larry Bates, CEO of Nobel Upstream commented: “We are pleased to have achieved this milestone together with our partner SOCAR and look forward to continuing the appraisal and development of the world-class Umid-Babek field, which will provide a stable and long-term gas supply for Azerbaijan and other European markets.”

Notes to Editors

The Umid-Babek Field

The Umid-Babek gas condensate field likely contains in excess of 600 billion cubic meters (BCM) of gas reserves and resources and 800 million barrels of condensate and is expected to supply some 3-4 BCM per year initially into the Azerbaijan market and later to European markets through the Southern Gas Corridor (SCP, TANAP and TAP gas pipelines) from Azerbaijan, through Georgia, Turkey, and into Italy. The Umid-Babek field was discovered by SOCAR and Nobel Upstream in 2010. Appraisal drilling has continued on the Umid portion of the field, while 3D seismic acquisition has been completed over Babek in advance of drilling.

Nobel Upstream

Nobel Upstream is a privately held independent upstream exploration and production company engaged in oil and gas projects in its three core markets: Azerbaijan, the United Kingdom North Sea and the Permian Basin of West Texas. Incorporated in the UK in 2014, it has its headquarters in London with additional technical and commercial teams based in Baku, Azerbaijan and Houston, Texas. Nobel Upstream continues to seek further operated and non-operated investment opportunities in its three core markets.

08/09/2016 – Nobel Upstream completes Maclure transaction with Royal Dutch Shell ❯

Nobel Upstream acquisition of stake in UK North Sea Maclure oil and gas field successfully completed

Production exceeds expectations in a rising oil price environment

London, 8 September 2016 – Nobel Upstream, the independent UK-based exploration and production company, today said its acquisition of a 7.59 per cent non-operated interest in the Maclure oil and gas field from Shell, announced on 10 February 2016, has successfully closed after having received all necessary approvals.

The acquisition, which is financially retroactive to 1 January 2016, is part of Nobel Upstream's strategy to build a balanced portfolio of upstream assets in the FSU and the OECD with strong partners including Maersk, Apache and TAQA in the North Sea, ConocoPhillips and SOCAR in Azerbaijan and Three Span in the United States.

Jeremy Huck, CEO of Nobel Upstream, commented: "We are very pleased that this important transaction in the North Sea has closed. Strong operational and economic performance this year has demonstrated that well-targeted investments in mature basins like the North Sea can deliver superior returns. We look forward to working with our partners on further development of the field and continue to pursue additional best-in-class opportunities”.

Notes to Editors

Maclure

The Maclure field, located in the UK North Sea, was discovered in 1991 and put into production in 2002. Production in 2016 has averaged 8,200 BOEPD.  The Field is operated by Maersk, which owns a 38.19% stake. In addition, leading global E&P companies TAQA and Apache hold 37.04 and 17.18 per cent respectively.

Nobel Upstream

Nobel Upstream is a privately held independent exploration and production company engaged in oil and natural gas projects. Nobel Upstream, incorporated in the UK in 2014, has its headquarters in London with technical and commercial teams based in Baku, Azerbaijan and Houston, Texas. Nobel Upstream has active projects in Azerbaijan, the United Kingdom and the United States and continues to seek investment opportunities in these and other countries.

10/02/2016 – Nobel Upstream acquires stake in Maclure from Royal Dutch Shell ❯

Nobel Upstream to acquire 7.59 per cent stake in UK North Sea Maclure oil and gas field

London, 10 February 2016

Nobel Upstream, the independent UK-based exploration and production company, has announced it has signed a sale and purchase agreement to acquire a 7.59 per cent non-operated interest in the Maclure oil and gas field from Shell. Completion of the transaction remains subject to necessary approvals.

The Maclure field, located in the UK North Sea, was discovered in 1991 and put into production in 2002. The field is currently producing 8,000 BOEPD and is operated by Maersk who owns a 38.19% stake. In addition, leading global E&P companies TAQA and Apache hold 37.04 and 17.18 per cent respectively.

The acquisition is part of Nobel Upstream’s strategy to build a balanced portfolio of upstream assets in the FSU and the OECD (UK North Sea, West Texas).

Jeremy Huck, CEO of Nobel Upstream, commented: “We are very pleased to announce this acquisition and look forward to working with the other stakeholders and, in particular, Maersk who has demonstrated excellent operational management of this asset. This acquisition is a perfect fit with our growth strategy and an important addition to our existing portfolio in Azerbaijan and North America. We see further potential in the field and consider it a best-in-class North Sea opportunity.”

Notes to Editors

The Maclure Field

The Maclure field currently produces 8000 BOPD and 4.3 MMscf/d gas. Maclure has been developed as a subsea tieback to the Gryphon FPSO located 3km to the west and also operated by Maersk. Maclure oil is comingled with Gryphon and exported by shuttle tanker. Uptime is best-in-class in the North Sea, with low unit operating costs.

Nobel Upstream

Nobel Upstream is a privately held independent exploration and production company engaged in oil and natural gas projects. Nobel Upstream, incorporated in the UK in 2014, has its headquarters in London with technical and commercial teams based in Baku, Azerbaijan and Houston, Texas. Nobel Upstream has active projects in Azerbaijan and North America, and continues to seek investment opportunities in these and other countries.

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