Hogan Lovells Advises MOL Group on Participation in Strategic North Sea JV
14 June 2014
LONDON, 14 June 2014 - Hogan Lovells has advised MOL Group on its participation in a joint venture to develop the North Sea Catcher oil field, field development approval for which was announced on 12 June 2014.
The US$2.25bn Catcher project, operated by Premier Oil, will consist of 14 oil-producing subsea wells and eight further water-injecting wells designed to boost oil production to a peak of 50,000 barrels of oil a day when it starts in 2017; and is expected to boost UK oil output by up to six per cent.
MOL Group, a leading integrated Central & East European oil and gas corporation, listed on both the Budapest Stock Exchange and the Warsaw Stock Exchange; owns a 20% stake in the Catcher project, with Cairn Energy (30%) and Premier Oil (50%). MOL Group boasts an extensive international upstream portfolio of oil and gas exploration activities in 12 countries and valuable producing assets in seven countries.
Hogan Lovells previously advised MOL Group on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) Limited for a base consideration of US$375m, signed in December last year.
The Hogan Lovells team advising MOL Group was led by London corporate energy partner Steven Bryan and Energy and Natural Resources Group associate Janet Duff.
Commenting on the transaction, Steven Bryan said:
"The Catcher approval is an important milestone that provides MOL Group with the opportunity to increase its reserves and enhance its offshore experience. We have enjoyed extending our relationship with MOL Group into 2014 and are delighted to have been able to help them secure this second UK North Sea foothold in six months."