News

Harbour Energy Ltd said Nov. 1 that it closed its $3 billion buy of a package of oil and gas producing assets in the U.K. North Sea from Shell U.K. Ltd. The acquired asset package includes a diversified portfolio of interests in ten operated and non-operated field areas. Harbour Energy is an investment vehicle managed by EIG Global Energy Partners.

PRESS RELEASE

WASHINGTON, D.C., November 1, 2017 – Harbour Energy, Ltd. (“Harbour Energy” or “Harbour’’) today announced the completion of the $3.0 billion acquisition of a package of oil and gas producing assets in the U.K. North Sea from Shell U.K. Limited and its affiliates (‘’Shell’’) via Chrysaor Holdings Limited (‘’Chrysaor’’).  The transaction was announced on January 31, 2017 and has an effective date of July 1, 2016.

Through the acquisition, Harbour-backed Chrysaor becomes the leading independent oil and gas company in the UK North Sea.  The acquired asset package includes a diversified portfolio of interests in ten operated and non-operated field areas.  Production from the acquired assets is forecast to average approximately 120,000 net barrels of oil equivalent per day for 2017, with current unit operating costs running at less than $15 a barrel.

Harbour Energy is an investment vehicle managed by EIG Global Energy Partners (‘’EIG’’) with a strategy to pursue acquisitions of oil and gas assets globally.  The transaction provides Harbour with a robust platform for organic and inorganic expansion in the North Sea region and marks the first leg of Harbour’s strategy to secure ownership positions in geographically focused platform companies with diversified, material asset portfolios and long-term growth potential.

Linda Z. Cook, the Chief Executive Officer of Harbour Energy and Chairman of Chrysaor, said, “We are very pleased to have closed the acquisition of the portfolio of U.K. North Sea assets from Shell.  Our investment in Chrysaor to fund this acquisition provides us with a solid platform of high quality assets along with, importantly, an experienced management team and employee base in the region.  We look forward to providing ongoing support to Chrysaor as it aims to solidify and expand its position as a leading independent oil and gas company in the North Sea and to replicate this strategy in other oil and gas producing regions around the world.”

About Harbour Energy
Harbour Energy is an energy investment vehicle formed to pursue investments in high-quality upstream energy assets globally.  Harbour Energy is externally managed by EIG and led by a management team that includes Linda Z. Cook, a 29-year veteran of Royal Dutch Shell, as CEO and Terence Jupp, former Vice President of International Operations for Anadarko Petroleum, as COO.  For more information, please visit www.harbourenergy.com.
About EIG
EIG specializes in private investments in energy and energy-related infrastructure on a global basis and had $17.0 billion under management as of September 30, 2017.  Since 1982, EIG has been one of the leading providers of institutional capital to the global energy industry, providing financing solutions across the balance sheet for companies and projects in the oil and gas, midstream, infrastructure, power and renewables sectors globally.  EIG has invested over $24 billion in more than 320 portfolio investments in 36 countries on six continents.  EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more information, please visit www.eigpartners.com.