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 effective January 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 and low-risk exploration/appraisal wells. A successful appraisal well was drilled in the South Maclure area at the end of 2016.
Nobel Upstream continues to actively evaluate and pursue other North Sea opportunities that meet specific economic and technical criteria.