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MOL Group has expanded its upstream portfolio in the central North Sea through the acquisition of six licenses from Premier Oil UK for $130m.

The assets acquired through the licenses include a balanced mix of current and new production, as well as both operated and non-operated exploration opportunities in the Scott-Telford and Rochelle area.

MOL has acquired 21.84%, 15% and 1.59% stakes in the Stott, Rochelle and Telford fields respectively, as well as a participating interest in further exploration licenses, such as the Rochelle Upper Jurassic deep project.

The acquisitions are expected to increase MOL’s proved and probable reserves by 14.3 million barrels of oil equivalent.

The new assets are expected to increase MOL’s total UK peak production to between 20 million and 22 million barrels of oil equivalent per day by 2018.

MOL Group upstream executive vice-president Alexander Dodds said: "This transaction extends the presence of MOL Group on the global map of offshore E&P and provides several additional strategic rationales.

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"Our ownership of this package of non-operated assets in the Scott area has generated significant cash flow for the group since acquisition."

"Building on our already existing assets in the UK North Sea, this acquisition represents a significant step forward in growing a solid sizable North Sea portfolio."

Premier Oil chief executive Tony Durrant said: "Our ownership of this package of non-operated assets in the Scott area has generated significant cash flow for the group since acquisition.

"However, this sale will allow our team in the UK North Sea to focus principally on our operated Solan and Catcher developments, and is a further step towards achieving our targeted disposals for the year."


Image: Premier Oil said the sale will allow its team in the UK North Sea to focus principally on the Solan and Catcher developments. Photo: courtesy of Premier Oil.

Energy