Independent U.K.-based infrastructure investment fund Ancala Midstream Acquisitions Ltd. has finalized its acquisition of Apache Corp.'s (NYSE: APA) interests in two North Sea gas pipeline assets for an undisclosed sum, Ancala said Nov. 20.
Through its North Sea-focused midstream oil and gas acquisitions platform, Ancala took Apache's 30.28% stake in the Scottish Area Gas Evacuation (SAGE) System and its 60.58 shares of the Beryl Gas Pipeline.
The SAGE system comprises a 323-km (200-mile) pipeline and gas processing terminal at St. Fergus near Aberdeen in Scotland, where gas from nine offshore fields is treated.
Following the acquisition, John Wood Group Plc said Nov. 20 it commenced a multimillion-dollar, evergreen contract to act as operating partner of the SAGE system and Beryl pipeline, on behalf of Ancala.
As part of the contract, Wood Group will manage the day-to-day operation of the SAGE system, according to the company press release.
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