Slaughter and May advised Petrogas and HitecVision on their proposed acquisition, via a new joint venture named Petrogas Neo UK Limited, from Total of a portfolio of operated and non-operated upstream oil and gas assets in the North Sea for a base consideration of USD635m.
The portfolio of assets consists of four producing areas in the UK North Sea, with an expected average 2019 production of 25,000 barrels of oil equivalent per day, placing the portfolio among the 20 largest producers on the UKCS. The transaction includes operatorship of the Quad 15 and Flyndre areas, a fully-owned FPSO and an operator organisation of more than 110 employees.
The transaction is subject to customary regulatory and third party consents and is expected to complete in Q4 2019, with an effective date of 1 January 2019.
Total UK Ltd. refines and markets oil and gas products. The Company offers natural gas, crude oil, lubricants, and other oil products. Total serves customers worldwide.
Oman’s Petrogas E&P has a strong reputation as a global player in Exploration and Production of Oil & Gas.
HitecVision is a leading provider of institutional capital to the North Sea region’s energy industry, providing financing solutions for companies and projects within natural gas and oil production, midstream and infrastructure.
The Slaughter and May team was composed of: Tim Boxell (Picture), Oliver Moir (associate), Kurt Ma (associate), Rory Botros (associate), Usman Sawar (associate), George O’Malley (associate), Adrian Barrus (senior counsel), Phil Linnard (partner), James Chumbley (associate), Simon Clark (associate), William Watson (partner), Ed Milliner (senior counsel), Kyle O’Sullivan (associate), David Ives (partner), Emily Haywood (associate), Sam Brady (senior counsel), Lisa Wright (partner), Jun Chao Meng (associate).
Involved fees earner: Adrian Barrus – Slaughter and May; Rory Botros – Slaughter and May; Tim Boxell – Slaughter and May; Samantha Brady – Slaughter and May; James Chumbley – Slaughter and May; Simon Clark – Slaughter and May; Emily Haywood – Slaughter and May; David Ives – Slaughter and May; Phil Linnard – Slaughter and May; Kurt Ma – Slaughter and May; Jun Chao Meng – Slaughter and May; Ed Milliner – Slaughter and May; Oliver Moir – Slaughter and May; George O’Malley – Slaughter and May; Kyle O’Sullivan – Slaughter and May; Usman Sawar – Slaughter and May; William Watson – Slaughter and May; Lisa Wright – Slaughter and May;
Law Firms: Slaughter and May;