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. We currently have producing projects in Azerbaijan, the UK North Sea and the Permian Basin of West Texas, USA. We continue to seek investment opportunities in these core regions. Combining experienced management, targeted acquisitions and strong partnerships, Nobel Upstream uses proven technologies to support the safe and profitable development of oil and gas resources. Our focus is on mature oilfields where sophisticated technical planning and strong operational execution can unlock value.
The Nobel name has a storied past in Azerbaijan where, in 1879, Ludwig Nobel established Branobel, an oil company that had its origins in the extraction and refining operation that his brother Robert started in Baku in 1873. At Nobel Upstream, we draw inspiration from the legacy of technical excellence and business innovation that Branobel built in setting up one of the first oil businesses in the world.
Nobel Upstream currently has three non-operated businesses in its portfolio and is actively developing additional acquisition opportunities and partnerships in specific regions.
Since 2008, Nobel Upstream has been a joint-venture partner with SOCAR (State Oil Company of Azerbaijan Republic) in a large natural gas and condensate block containing the the Umid-Babek field. The Umid area was discovered in 2010. 3D seismic has been acquired over the Babek structure. In 2017 Nobel Upstream and SOCAR entered into a production sharing arrangement under the Umid-Babek Risk Service Agreement framework (“RSA”). The RSA was ratified by the parliament and signed into law by the President of the Republic of Azerbaijan in May 2017. Nobel Upstream holds a 20% interest in Umid Babek Exploration and Production company, which is the sole contractor under Umid-Babek RSA.
Nobel Upstream acquired a large acreage position in the Permian Basin in Texas in 2014. 21 wells have been drilled and are on production for oil, natural gas and NGLs from both conventional and unconventional reservoirs.
In 2016, Nobel Upstream acquired from Shell a 7.6% interest in the Maclure field in the UK sector of the North Sea. The Maclure field is operated by Total, and other co-venturers include TAQA and Apache. At the end of 2016, Nobel Upstream and Total drilled a successful appraisal well in the South Maclure license area, and the oil field was subsequently renamed Ballindalloch. First commercial oil production from Ballindalloch was achieved in 2019, with subsequent wells planned.
Nobel Upstream is currently pursuing additional acquisition opportunities and further organic developments in the UK North Sea.
The Nobel Upstream Management Team is made up of senior managers who have worked for such companies as BP, Baker Hughes, Harvest, Maersk, Endeavour, Weatherford and BHP Petroleum, and other international oil companies. In addition to the company's headquarters in London, there are technical and commercial teams based in Baku, Azerbaijan and Houston, Texas.
We are building a profitable portfolio of assets that will combine operated and non-operated positions in large basins in mature markets such as US West Texas and UK North Sea, and in emerging markets like Azerbaijan and the greater Caspian region.
We focus on large hydrocarbon basins where sophisticated technical planning and strong operational execution can unlock value. We are not in the frontier exploration business. Instead, we use our subsurface skills to design and execute appraisal and development programs, including mature field production enhancement projects.
The successful execution of our strategy will require focused technical and operational expertise, strong partnerships and deep experience in the regions where we operate.
Our focus is on achieving outstanding results but the way we do so is just as important. We rely on our people and partners, and we are committed to treating everyone who works with us fairly and with dignity. Our reputation is of paramount importance. We aspire to the highest standards of ethical performance and compliance. We strongly believe these principles will help us achieve outstanding business results:
We hold ourselves to the highest ethical standards, respecting the people with whom we work and the cultures and environments in which we operate.
We will work in a collaborative and inclusive manner, taking collective responsibility for the success of the company while accepting accountability for delivering our individual commitments.
We are committed to the safety and security of our staff and the people who operate the facilities in which we have a material ownership interest.
We seek to develop a sustainable business for the benefit of our shareholders, employees, business partners and the communities in which we operate.
Our commitment to proper ethical practices is our highest priority and sustainability is an absolutely integral part of that. At the core of our operational approach is an ingrained understanding of the importance of sustainable practices, both for now and for the future.