The UK sector of the North Sea is a major hydrocarbon province with estimated reserves of 3 billion barrels of oil and 8.5 Tcf of gas as at the end of 20141. Offshore oil production began in 1975 and has yielded some 27 billion barrels to date. Although North Sea production is in decline, significant investment opportunities remain.
Nobel Upstream acquired a 7.59% stake in the Maclure field from Shell in January 2016. Maclure, operated by Maersk, has well established subsea production of some 8,000 BOEPD tied back to the Gryphon FPSO. The field has low operating costs and offers opportunities for further development and low risk exploration/appraisal wells.
Nobel continues to actively evaluate and pursue other North Sea opportunities with established production and potential for growth.