THE chief executive of North Sea-focused Serica Energy has hailed the new spirit of co-operation in the area after two giants transferred acreage to the firm for a nominal sum.
Serica said the BG oil and gas business and Scottish Hydroelectric owner SSE have agreed to pass on their interests in a block containing an extension to the Columbus discovery off Aberdeen to the company and partners.
London-based Serica said the transfer will increase the commercial appeal to the company of developing the Columbus field, in which it has a 50 per cent interest.
Serica said the partners will have greater autonomy in their work on Columbus and the ability to move faster.
SSE and BG could benefit if investment in Columbus helps extend the life of the nearby Erskine field, in which they and Serica have interests.
Tony Craven Walker, executive chairman of Aim-listed Serica, noted: “There is the added benefit that future production from Columbus could help extend the life of other fields and facilities in the area, including the Erskine field in which Serica has an 18 per cent interest.”
The deal provides an example of oil and gas companies apparently working together to encourage investment in a field in a way that might trigger wider benefits.
The oil services tycoon Sir Ian Wood and the new Oil and Gas Industry Authority have said greater cooperation between firms will be key to helping the UK North Sea industry grapple with the challenges posed by the slump in the crude price.
Mr Craven Walker added: “I would like to acknowledge the OGA’s role in helping to unlock the potential of the Columbus project and to thank BG and SSE for cooperating with the Columbus Partners to reach this agreement.”
Mr Craven Walker said recently that Serica planned to expand aggressively in the North Sea to take advantage of opportunities created by the crude price slump.
BG has a 32 per cent stake in the Chevron-operated Erskine field. SSE buys gas from the field under a fixed formula contract.
Endeavour Energy UK Limited and EOG Resources United Kingdom have interests in Columbus.
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