The fourth-largest oil and gas producer in the United Kingdom, Chrysaor, said it built up its North Sea portfolio with new acquisitions.
For an undisclosed sum, the independent producer said it signed an agreement with rival Spirit Energy to take on its shares in the Armada, Maria and Seymour fields in the North Sea. The acquisition gives Chrysaor total control over the Armada field.
“This acquisition is part of Chrysaor’s strategy to prolong asset life, maximize recovery and deliver value from its U.K. North Sea portfolio,” Chief Executive Phil Kirk said in a statement. “Chrysaor can now progress its plans to realize the full potential of the fields and will shortly commence well site surveys and secure long lead items and drilling equipment.”
The announcement is the company’s second since it made a $3 billion deal with Royal Dutch Shell in November to acquire North Sea interests. That transaction put Chrysaor in a leadership position in British waters, adding 120,000 barrels of net equivalent daily production to its portfolio.