Nobel Upstream has completed its acquisition of a 7.59% non-operated interest in the Maclure oil and gas field in the UK’s North Sea from Shell. 

Originally announced on 10 February, the acquisition has been closed after receiving all necessary approvals.

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Nobel said that the acquisition is part of its strategy to build a balanced portfolio of upstream assets in the former Soviet Union (FSU) and the Organisation for Economic Co-operation and Development (OECD) with partners, including Maersk, Apache and TAQA in the North Sea.

"Strong operational and economic performance has demonstrated that well-targeted investments in mature basins like the North Sea can deliver superior returns."

Other partners are ConocoPhillips and SOCAR in Azerbaijan and Three Span in the US.

Nobel Upstream CEO Jeremy Huck said: "Strong operational and economic performance this year has demonstrated that well-targeted investments in mature basins like the North Sea can deliver superior returns.

“We look forward to working with our partners on further development of the field and continue to pursue additional best-in-class opportunities.”

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The acquisition is in line with the company’s growth strategy and serves as a vital addition to its existing portfolio in Azerbaijan and North America.

Discovered in 1991, the Maclure field was put into production in 2002 and is operated by Maersk, which owns a 38.19% stake.

Global E&P companies TAQA and Apache own 37.04% and 17.18% respectively.

Production at the field this year has averaged 8,200boepd.