Petro-Canada acquired, on June 18, 2004, Intrepid Energy North Sea, which holds a 29.9 per cent interest in the Buzzard oil field. The transaction was worth US$840 million. Buzzard, located 100 kilometres northeast of Aberdeen, is the largest UK North Sea oil field discovered in over a decade. The acquisition is subject to shareholder approval and final price adjustments.
The first oil from the new field is expected in 2006 with Petro-Canada’s interest expected to average some 60,000 barrels per day in peak production. The interest in the Buzzard oil field was sold in a highly contested auction process starting with 50 indicative offers which were then “narrowed” to 20 invitees to the data room and final bidding process.
Petro-Canada was represented by Lovells, with team led by John Cooper (corporate), assisted by Chris Melville, Richard Tyler and Michael Stanger (energy), and by Heather Caswell, and Matthew Oliver (tax).
The Intrepid group was represented by Keith Hughes of LeBoeuf, Lamb, Greene & MacRae.
The first oil from the new field is expected in 2006 with Petro-Canada’s interest expected to average some 60,000 barrels per day in peak production. The interest in the Buzzard oil field was sold in a highly contested auction process starting with 50 indicative offers which were then “narrowed” to 20 invitees to the data room and final bidding process.
Petro-Canada was represented by Lovells, with team led by John Cooper (corporate), assisted by Chris Melville, Richard Tyler and Michael Stanger (energy), and by Heather Caswell, and Matthew Oliver (tax).
The Intrepid group was represented by Keith Hughes of LeBoeuf, Lamb, Greene & MacRae.
Lawyer(s)
Richard Tyler
John Cooper
Firm(s)
Lovells
Dewey & LeBoeuf LLP