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Ancala to Acquire SAGE Interest from Apache

Source: www.gulfoilandgas.com 11/30/2016, Location: Europe

Ancala Midstream Acquisitions has agreed to terms to acquire Apache’s interest in the Scottish Area Gas Evacuation system (‘SAGE’) and Beryl pipeline. Ancala Midstream will acquire Apache’s 30.28 percent share of SAGE, and its 60.56 per cent interest in the Beryl pipeline, and intends to appoint Wood Group to be its Operating Partner, subject to the receipt of regulatory and third party approvals.

Wood Group, under the stewardship of Ancala Midstream, will manage the day-to-day operation of SAGE and the Beryl pipeline. Apache’s SAGE personnel will transfer to Wood Group to ensure continuity of service. The transition of ownership and operatorship is expected to complete in the first half of 2017.

The SAGE system transports gas through the 323 km (200 mile) SAGE pipeline between the northern part of the Central North Sea to the SAGE terminal at St Fergus, about 48 kms (30 miles) north of Aberdeen, where it is processed on behalf of North Sea gas producers.

Ancala Midstream’s management team will be led by Jim Halliday, who has been appointed as Chief Executive. Mr Halliday has over 35 years’ industry experience, having held a number of senior positions at BP, including VP of Midstream and Partner Operated Assets, Chief Financial Officer North Sea Region and Head of Global Commercial Operations.

Jim Halliday, Chief Executive of Ancala Midstream says: 'Our aim in making this investment is to maximise throughput for all producers, extend the life of the system, connect new fields and support efforts to maximise economic recovery in the North Sea for many years to come. Our priority through the transition period will be the continued safe operation of the plant and pipeline, regular and transparent engagement with all stakeholders and an efficient hand over of operations from Apache.'

Ancala Midstream is financed through funds managed by Ancala Partners. Spence Clunie, Managing Partner of Ancala Partners commented: '“Ancala Partners makes long term investments in high quality infrastructure assets in the UK on behalf of UK pension plans. SAGE is a high quality business with a skilled and experienced workforce that fits well with the investment characteristics of Ancala Partners’ mandate.'

Ancala Midstream and Wood Group will work closely with Apache and key stakeholders over the coming months to ensure a safe and effective transition of ownership and operatorship.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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