Ancala Midstream Acquisitions Ltd. agreed to acquire Apache Beryl I's interest in the Scottish Area Gas Evacuation system (SAGE) and Beryl Pipeline in the North Sea, according to a Nov. 30 Wood Group press release.
The 200-mile SAGE Pipeline transports gas between the northern part of the Central North Sea to the SAGE terminal at St. Fergus, north of Aberdeen, Scotland. There, it is processed on behalf of North Sea gas producers.
Ancala Midstream will acquire Apache’s 30.28% share of SAGE and its 60.56% interest in the Beryl Pipeline.
Wood Group will be the operating partner, subject to receipt of regulatory and third-party approvals. Apache's SAGE personnel will transfer to Wood Group to ensure continuity of service. The transition of ownership and operatorship will likely be completed in the first half of 2017.
Ancala Midstream’s management team will be led by Jim Halliday, who was appointed as CEO.
Halliday said the goal is to “maximize throughput for all producers, extend the life of the system, connect new fields and support efforts to maximize economic recovery in the North Sea for many years to come.”
Halliday has more than 35 years' industry experience. He worked at BP Plc (NYSE: BP) as vice president of midstream and partner operated assets, as CFO of the North Sea region, and as the head of global commercial operations.
Ancala Midstream is financed through funds managed by Ancala Partners.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.