Tailwind buys Shell, Exxon stakes in Triton

A new oil and gas company has agreed to buy Shell and ExxonMobil’s stakes in the central North Sea Triton cluster.

London-headquartered Tailwind Energy said it plans to further develop the assets, which are operated by Dana Petroleum.

The Triton FPSO is located 120 miles east of Aberdeen, and produces oil and gas from the Bittern, Clapham, Pict, Saxon, Guillemot West and North West fields.

Shell holds a 26.42% stake in the development, while ExxonMobil has 20%.

The deal is subject to regulatory and partner approvals and is expected to go through in the first half of 2018.

Tailwind, which is backed by privately-held commodities and energy group Mercuria, said no staff members would be transferred as part of the transaction.

More to follow.

The post Tailwind buys Shell, Exxon stakes in Triton appeared first on Energy Voice.

Read full original article »