Nobel Upstream
The UK sector of the North Sea is a major hydrocarbon province with estimated reserves of 2.8 billion barrels of oil and 7.3 trillion cubic feet of gas as of December 20151. Offshore oil production began in 1975 and has yielded some 27 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 7.6% stake in the Maclure field from Shell in 2016. Maclure, operated by Maersk, 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 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 continues to actively evaluate and pursue other North Sea opportunities that meet specific economic and technical criteria.
