Waldorf Production has completed its acquisition of Cairn Energy’s interests in two producing oil fields in the UK North Sea.
(Courtesy Cairn Energy)
The Kraken field FPSO.
Offshore staff
LONDON – Waldorf Production has completed its acquisition of Cairn Energy’s interests in two producing oil fields in the UK North Sea.
The company will pay Cairn $455 million for its stakes in Kraken and Catcher, with a further consideration potentially payable to Cairn when the Brent price exceeds an average of $52/bbl during 2021 to 2025.
Waldorf’s average production from its offshore fields should now rise to around 22,000 boe/d, with its 2P reserves up by 52 MMboe as of year-end 2020.
