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Kistos to buy Tulip Oil Netherlands

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Oilfield Technology,

Kistos, a closed-ended investment company which has been established with the objective of acquiring and managing companies or businesses in the energy sector, has entered into a binding share purchase agreement, subject to customary conditions precedent, to acquire the entire issued and outstanding share capital of Tulip Oil Netherlands B.V. from Tulip Oil Holding B.V.

The acquisition comprises a controlling (60%) interest in the Q10-A offshore gas field together with interests in a suite of offshore exploration and production licences in the Dutch North Sea. Tulip Oil Netherlands Offshore B.V. owns an operating interest in the Q10-A offshore gas field and interests in other fields in the Dutch North Sea, including the Q10-B, Q11-B and M10/M11 discoveries, and other exploration and appraisal projects. The Q10-A field has 2P reserves of 19.5 million boe.

Q10-A is reliant on solar and wind power. Its carbon emissions from production operations were <10g CO2e/boe in 2020 and 17g CO2e/boe in 2019, below the North Sea average of 21 kg CO2/boe. The acquisition is in line with the company's strategy to acquire assets with a role in the energy transition. Plans for the future developments of the assets being acquired by Kistos utilise wind and solar power.

The total upfront consideration for the acquisition, subject to completion adjustments, is €220 million.

Andrew Austin, Chairman of Kistos, commented: "We are very excited to be beginning the next phase of Kistos' journey with the acquisition of these profitable and cash generative assets, which have probably the lowest carbon footprint of any production assets in the North Sea. To be producing gas, a vital transition fuel, from normally unmanned platforms powered by solar and wind is exactly what we set out to do. In addition, we see potential for significantly increased production from discovered hydrocarbons within the licences being acquired by Kistos.

"The team at Tulip have done a fantastic job to date in getting this low carbon production operation up and running and we are looking forward to working with them and our partners at EBN in replicating this success and being a model for future low impact developments."

Read the latest issue of Oilfield Technology in full for free: Oilfield Technology's November/December 2020 issue

The November/December issue of Oilfield Technology begins by reviewing the state of the North Sea before moving on to cover a range of topics, including Drilling Technologies, Deepwater Operations, Flow Control.

Contributors come from Varel Energy Solutions, Gyrodata, Clariant Oil Services, Drillmec and many more.

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