Verus Petroleum has entered an agreement to purchase Cieco Exploration and Production (UK) for $400m.
The transaction also involves the acquisition of a 25.8% stake in the Hudson field, 23.1% stake in the Western Isles Development Project, a 2% stake in the Brent Pipeline System, and a 1.2% stake in the Sullom Voe oil terminal.
Verus will fund the acquisition through equity offered by HitecVision, existing cash in hand, and debt.
The transaction is expected to be closed in the fourth quarter of 2018, subject to regulatory approvals.
Verus has also entered an agreement in May 2018, to acquire a 47% stake in the Babbage gas field and 50% operated interests in the Cobra discovery from Premier Oil. The Babbage field is located in the Southern North Sea, while the Cobra discovery lies adjacent to the Babbage field.
Based in the UK, Verus Petroleum is an oil and gas firm, while CIECO Exploration and Production (UK) is an exploration and production company.
Total has entered an agreement with Chevron to purchase the entire share capital of its subsidiary, Chevron Denmark.
Chevron Denmark holds a 12% stake in the Danish Underground Consortium (DUC), a 12% stake in the licence 8/06, and a 7.5% stake in the Tyra West pipeline.
The acquisition will increase Total’s share in the DUC from 31.2% to 43.2%. Other partners in the DUC include Shell (36.8%) and Nordsofonden (20%).
The DUC consortium began production in 1972 and currently operates 15 fields. All the fields are located in the Central Graben sector of the North Sea and cover approximately 90% of the Danish oil and gas production.
Both oil and gas companies, Total and Chevron are respectively based in France and the US.
The transaction will enable Total to expand its presence in the North Sea offshore Denmark.
