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Nexen's $2.1bn Buzzard buy.
(From Lloyds List)
CANADIAN oil group EnCana has sold its interest in the Buzzard oil development and Scott production platform in the UK North Sea to Nexen of Calgary in a $2.1bn deal to focus on North American oil, sand and gas projects, writes Martyn Wingrove.
EnCana has also put its Ecuador and deepwater Gulf of Mexico portfolio on the auction block in order to pay down debt and buy back shares.
Nexen will take over EnCana's British team, which is working on developing Buzzard the country's largest development project this decade and will hold 744,000 acres of offshore exploration blocks.
The deal includes EnCana's 43% interest in Buzzard, 41% in Scott and 54% in the Telford satellite field, with oil equivalent reserves of 130m barrels.
These assets were producing at around 23,200 barrels of oil a day during the first nine months of this year through the Scott platform, which pumps oil to the BP-operated Forties pipeline system and to the Cruden Bay oil terminal near Aberdeen.
Nexen will take over operating Buzzard, which is being developed with three fixed platforms, subsea wells and export pipelines. It is due on stream before the end of 2006 and will produce around 200,000 bpd at peak levels.
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