Slaughter and May is advising Petrogas and HitecVision on their proposed acquisition of certain of Total’s UK oil and gas assets
Slaughter and May is advising 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.