Herbert Smith and Hogan lead on $1.75bn energy acquisition
Herbert Smith and Hogan Lovells have advised on the acquisition of North Sea assets from ExxonMobil worth $1.75bn (£1.1bn) by US oil and gas company Apache Corporation. Herbert Smith advised Apache subsidiary Apache North Sea on the acquisition of the North Sea oil and gas assets of Exxon affiliate Mobil North Sea, with global oil and gas head Stephen Murray leading a team that also included corporate energy partner Steven Dalton, tax partner Isaac Zailer and employment partner Andrew Taggart.
September 28, 2011 at 07:03 PM
2 minute read
City duo lead on US company's acquisition of North Sea oil assets
Herbert Smith and Hogan Lovells have advised on the acquisition of North Sea assets from ExxonMobil worth $1.75bn (£1.1bn) by US oil and gas company Apache Corporation.
Herbert Smith advised Apache subsidiary Apache North Sea on the acquisition of the North Sea oil and gas assets of Exxon affiliate Mobil North Sea, with global oil and gas head Stephen Murray leading a team that also included corporate energy partner Steven Dalton, tax partner Isaac Zailer and employment partner Andrew Taggart.
Herbert Smith has acted for Apache since 2002, when it advised the company on its entry into the North Sea through the acquisition of the Forties Field from BP.
Hogan Lovells, meanwhile, acted for Mobil North Sea with City corporate finance partner Nigel Read leading. The firm is a longstanding adviser to the company, having acted in relation to the 1999 merger that created ExxonMobil.
Meanwhile, Vinson & Elkins also advised ExxonMobil with a team led by City tax partner Michael Thompson alongside London energy partner Alexander Msimang.
The latest deal, which signed last week (21 September) and includes the Beryl field, will increase Apache's North Sea production by 54% and reserves by 44%. The fields currently produce around 19,000 barrels of oil and natural gas liquids and 58 million cubic feet of natural gas every day.
Last month Skadden Arps Slate Meagher & Flom and Freshfields Bruckhaus Deringer advised on a $3.2bn (£2.1bn) Arctic exploration deal struck between ExxonMobil and Russian oil giant Rosneft, following a string of deals in the energy market in recent months.
Freshfields co-head of international energy and natural resources Laurie McFadden commented: "The dramatic projections of growth in demand for energy over the next 20 years mean that we are likely to see this race for security of supply continue for some years. We are also seeing major oil companies looking to streamline their portfolios, while smaller independents are taking the opportunity to make tactical acquisitions from the larger companies."
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