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 Umid field and the Babek prospective structure. The Umid field 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. Eight wells have been drilled and are on production 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.