Enterprise Oil PLC
22 June 2001
Enterprise Oil announces acquisition of Petrobras U.K. Limited
Enterprise Oil today announced the purchase of Petrobras U.K. Limited. The
deal was agreed on the basis that the E&P assets of Petrobras U.K. Limited are
valued at $157 million. Total costs of the acquisition will be funded from
internal resources. The purchase is effective from 1 January 2001 and is
subject to detailed agreements and DTI consent.
Petrobras U.K. Limited encompasses a broad portfolio including fields in
production, potential developments and exploration acreage. In particular the
assets include eight potential developments of which four are operated. The
exploitation of such discoveries will play a key role in much of the future of
North Sea activity.
Pierre Jungels, Chief Executive, commented: 'This acquisition is in line with
Enterprise's strategy of being an active player in the consolidation of the
North Sea. Enterprise will use its skills, local knowledge and experience to
unlock additional value by accelerating the development plans for these
discoveries, a number of which lie close to Enterprise's existing
infrastructure. The group's origins lie in the North Sea, and we remain
committed to the UK. Our aim is to continue to be at the forefront of activity
in this region.'
Ends.
For further information please contact:
Patrick d'Ancona, Head of Public Relations 020 7925 4160
Peter Reilly, Head of Investor Relations 020 7925 4476
Sucharita Sethi, Senior External Affairs Adviser 020 7925 4160
Notes to Editors
Enterprise Oil was formed in 1984 from an asset base entirely concentrated in
the UK North Sea where the group is now one of the largest producers of
hydrocarbons. Enterprise is the operator of the Nelson, Pierce and Cook fields
and has interests in a further 20 fields in the UK. Total daily UK production
averaged 164,907 barrels of oil equivalent per day in 2000.
Petrobras U.K. Limited is a subsidiary of the Petrobras Group, whose share
majority is owned by the Brazilian government, and has been present in the
UKCS since 1989 when it acquired an interest in the Magnus field from BP. The
company has grown since then through licence applications, farm-ins and asset
and company acquisitions..
As a result of a decision of the holding company in Brazil to strategically
focus on upstream activities in South America, the US Gulf of Mexico and West
Africa, the UK business was put up for sale in late 2000.
Exploration
The exploration portfolio comprises interests in 17 blocks and two West of
Britain tranches. It includes four discoveries, Fiddich (22/19a), Millburn (22
/22b), Selkirk (22/22b) and Conival (204/22a).
Potential Developments
Block Number Equity Operator
Potential Developments
Beta/Orca 44/24a 7.62% in UK CalEnergy Gas
Blane 30/3a 28.96% Petrobras
Enoch 16/13a 27.0% Petrobras
J1 16/13a 23.11% Petrobras
Ettrick 20/2a & 20/3a 23.51% Petrobras
Magnus NW 211/7a 2.5% BP
Johnston Gamma 43/27a 10% in 43/27a Consort
Caledonia 16/26e 2.83% Chevron
Producing Fields
Current production from the existing producing fields is approximately 9,000
to 10,000 barrels of oil equivalent per day.
Equity Operator
Producing/Development Fields
Alba 2.25% Chevron
Anglia 32.8% CalEnergy Gas
Banff 1.8% Conoco
East Foinaven 10.0% BP
Hudson 0.46% Amerada Hess
Hutton (incl. Q-West) 9.53% Kerr McGee
NW Hutton 28.46% BP
Johnston 7.37% Consort
Magnus 2.5% BP
South Magnus 2.5% BP
Pierce 2.93% Enterprise
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