BP to Sell Shearwater Field Stake to Tailwind


May 24, 2021

Shearwater Platform with walkway leading to wellhead jacket. Off the coast of Aberdeen, Scotland - Credit: Stuart Conway/Shell

Shearwater Platform with walkway leading to wellhead jacket. Off the coast of Aberdeen, Scotland - Credit: Stuart Conway/Shell

UK-focused Tailwind Energy said Monday it had agreed to acquire BP's interest in the Shearwater offshore field for an undisclosed fee.

BP holds a 27.5% non-operated interest in Shearwater, and Tailwind will acquire the whole stake owned by the British oil major.

"The transaction, which is subject to partner and regulatory approvals, furthers Tailwind’s growth strategy by adding another high-quality producing asset to our portfolio," Tailwind said.

The Shearwater field and an associated offshore platform are located about 140 miles (225 kilometers) east of Aberdeen. The field is operated by Shell. 

Offshore Engineer reached out to BP, seeking info on the value of the deal. BP confirmed the sale to Tailwind, but the spokesperson would comment further on the value.

Worth noting, BP had agreed to sell interests in Andrew area fields and the Shearwater stake to Premier Oil, in early 2020 for $625 million.

Owing to Premier's funding issues, the two oil firms later agreed to restructure the deal and reduce the cash value to $210 million. However, Premier was acquired by Chrysaor in October 2020, and the deal fell through.

Also worth noting, Tailwind's announcement of the Shearwater stake acquisition comes days after the company last Friday said it had agreed to sell its entire working interest in the Conwy field, in the East Irish Sea, to the Italian oil giant Eni. No financial details for that transaction were shared, either.

 Credit: Tailwind

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