UK North Sea
The UK sector of the North Sea is a major hydrocarbon province with estimated reserves of 2.5 billion barrels of oil and 6.6 trillion cubic feet of gas.
Offshore oil production began in 1975 and has yielded some 31 billion barrels to date. There are still significant investment opportunities in the UK sector helping to reserve the declining trend observed over the last decade.
Nobel Upstream acquired a stake in the Maclure field from Shell in 2016. Maclure comprises subsea wells tied back to the Gryphon FPSO. The field has low operating costs and offers opportunities for further development of infill and low-risk appraisal wells. At the end of 2016, Nobel Upstream and its operating partner drilled a successful appraisal well in the South Maclure license area, and the oil field was subsequently renamed Ballindalloch. A subsequent development well was drilled, and first commercial oil production from Ballindalloch was achieved in 2019. Future development wells are planned in the greater Maclure area.
Nobel Upstream continues to actively evaluate and pursue other North Sea opportunities that meet our specific economic and technical criteria.