Fossil energy – acquisition
Tailwind Energy has agreed to acquire BP’s entire working interest in the Shearwater field.
BP holds a 27.5% non-operated interest in Shearwater.
The transaction, which is subject to partner and regulatory approvals, furthers Tailwind’s growth strategy by adding another high-quality producing asset to our portfolio.
Shearwater is a gas condensate field operated by Shell and is located in UKCS Block 22/30b in the Central North Sea. The Shearwater field is a high pressure, high temperature (HP/HT) reservoir.
BP had been in talks to sell the interest to the operator, Shell, in April 2019, but the deal failed due to disagreement over the value of the 27.5% stake,which industry sources estimated at the time was worth $250 million.
BP then relaunched the sale offering and agreed the sale of Shearwater, along with with BP’s stake in the Andrew field to Premier Oil. This deal was also abandoned in October 2020, when Premier agreed to merge with Chrysaor.