Claiming its second major win of the year, North Sea energy company Neptune announced Monday it built up its portfolio further through a deal with Apache Corp.

Neptune said it acquired working interests in the Isabella and Seagull prospects in the British waters of the North Sea from the regional subsidiary of Apache, which has headquarters in the United States.

"In line with our strategy of expanding positions in key jurisdictions, Seagull and Isabella are both high quality opportunities which complement our existing assets within the broader North Sea theater of operations," CEO Jim House said in a statement.

Neptune's oil and gas arm was established three years ago by equity funds Carlyle Group and CVC Capital Partner, and now China Investment Corp., to build up a strong position in the North Sea.

Neptune in February acquired ENGIE Exploration and Production International, a French company, which gave it a global footing in basins from the North Sea to North Africa. Neptune through the transaction takes on assets that produced about 154,000 net barrels of oil equivalent per day last year.

ENGIE's exploration and production business was one of the largest in the North Sea, with proven and probable reserves of 672 million barrels mixed evenly between oil and gas.

"We are extremely pleased to announce our second acquisition since the completion of the ENGIE E&P transaction last February," House said.

Isabella is on pace for development drilling next year, while Seagull could start production by 2022. Neptune offered no reserve estimate for either project and Apache had no public statement on the agreement.

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Washington (UPI) Aug 7, 2018
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