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Tailwind Energy buys BP's stake in Shearwater field

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Oilfield Technology,

Tailwind has agreed to acquire BP’s entire working interest in the Shearwater condensate and gas field in the UK Central North Sea, effective 1 January 2021.

BP currently holds a 27.5% non-operated interest in Shearwater, a high pressure, high temperature (HP/HT) reservoir operated by Shell. BP had originally agreed to sell its interest in the Shearwater field, along with the fields in the Andrew area, to Premier Oil a year ago for a total of US$625 million. The transaction fell through after Premier was taken over by Chrysaor in October 2020.

The acquisition by Tailwind follows its sale of its entire working interest in the Conwy field in the East Irish Sea to Eni last week.

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