UKCS: Transaction completeEurope and North Africa Assets. Source: ConocoPhilips

UKCS: Transaction complete

Chrysaor completed the acquisition of ConocoPhillips’ UK oil and gas business for $2.675 billion, making Chrysaor the largest oil and gas producer in the UK North Sea.

The assets acquired produced approximately 72,000 boepd in the first six months of 2019.

Average Daily Net Production, 2018. Source: ConocoPhillips

Combined with Chrysaor’s existing portfolio first half of 2019 production averaged 195,000 boepd. The transaction adds two new operated hubs to Chrysaor’s portfolio in the UK Central North Sea – Britannia and J-Block – in addition to an interest in the Clair Field area.

With an effective date of 1 January 2018, completion of the transaction follows receipt of all necessary regulatory approvals.

Conoco Phillips acreage in the North Sea with focus on the UK. Source: ConocoPhillips

Britannia

Operator: ConocoPhillips (58.7%) Co-venturers: Chevron (32.3%), Mitsui (9.0%). Britannia is one of the largest Lower Cretaceous natural gas and condensate fields in the North Sea. Commercial production began in 1998.

The Britannia Gas Condensate Field in the Outer Moray Firth area of the UKCS is located 225 km northeast of Aberdeen at the triple junction of the South Viking, Witch Ground and Central Grabens. Hydrocarbons are trapped in Early Cretaceous (Late Barremian – Late Aptian) deepwater, marine turbidite sandstones in a combination stratigraphic/structural trap.

Moray Firth UKCS, Early Cretaceous Aptian sand distribution. Source: “Britannia Field, UK North Sea: Influence of the Regional Geologic Setting on Field Properties”, Adrian J. Machell, ConocoPhillips, 2003

Britannia Satellites – Brodgar/Callanish

Operator: ConocoPhillips (93.8%/83.5%) Co-venturer: Chevron (6.2%/16.5%) Brodgar, discovered in 1985, is located in Block  21/3. Callanish, discovered in 1999, is located in Blocks 15/29b and 21/4a. Production started in 2008.

The J-Area consists of the Judy/Joanne, Jade and Jasmine fields, located in the U.K. Central North Sea and includes high-pressure/high-temperature gas condensate Triassic, volatile oil chalk and gas condensate Paleocene reservoirs.

J-Area location. Source: ConocoPhillips

Judy/Joanne

Operator: ConocoPhillips (36.5%) Co-venturers: Eni (33.0%), Chrysaor (30.5%). Commercial oil production and natural gas sales from the J-Area’s Judy/Joanne fields began in 1997.

Jade

Operator: ConocoPhillips (32.5%) Co-venturers: Chrysaor (35.0%), Chevron (19.9%), Eni (7.0%), Siccar Point Energy (5.6%).The Jade Field came onstream in 2002 and consists of a normally unmanned platform tied back to Judy. According to Siccar Point, up to end 2018, the field has produced 53 MMboe and 749 billion cubic feet of wet gas and is anticipated to continue producing beyond 2030.

Jasmine

Operator: ConocoPhillips (36.5%) Co-venturers: Eni (33.0%), Chrysaor (30.5%). The Jasmine Field began production in 2013. The HTHP reservoir of the field contains a 700 m deep hydrocarbon column in the Skagerrak formation.

Geological section through the J-Area. Source: ConocoPhillips

Geological section through the J-Area. Source: ConocoPhillips

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