First Oil Expro, the North Sea’s largest privately owned oil explorer, has gone into administration amid persistently low oil prices.
The business, whose parent company is Aberdeen-based First Oil, is being broken up, with administrators from KPMG tasked with finding buyers for its assets.
Cairn Energy and EnQuest, First Oil Expro’s partners in the multimillion-barrel Kraken field, will take on its 15% stake in the project.
Four other oilfields and two other undeveloped prospects have been sold to Zennor Petroleum.
First Oil Expro, which recorded a pre-tax loss of £70m last year, had succumbed to the squeeze that high costs and low oil prices were having on North Sea companies.
KPMG’s joint administrator Jim Tucker said the breakup of First Oil Expro was a reflection of the significant challenges UK North Sea oil and gas companies faced in the “current oil price environment”.
Administrators are still trying to find buyers for the company’s smaller assets.
Source: www.theguardian.com
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