Perenco Seals Acquisition of Saturn Banks Fields from CalEnergy

Perenco said Wednesday it had completed its acquisition of Saturn Banks assets already connected to Perenco infrastructure from CalEnergy Resources Ltd.

"The transaction involved the purchase of CalEnergy North Sea Ltd & CalEnergy Infrastructure Ltd, renamed Perenco SNS Ltd & Perenco UK Infrastructure Ltd, respectively, and the corresponding 50 percent participating interest in, and operatorship of, the Blythe and Elgood licenses", Perenco, which produces oil and gas on the United Kingdom's side of the North Sea, said in an online statement.

"Our immediate focus will be on continuing safe and efficient operations", said Jo White, Perenco general manager for the UK southern North Sea.

"In the medium term we will look for ways to enhance production and reduce unit operating costs, including by bringing the Blythe H2 well into our LAPS compressor within the coming year", White added, referring to the Lancelot Area Production System.

According to Perenco's announcement of the deal November 12, 2025, the plan for the acquisition includes a further Saturn Banks tieback into its existing LAPS compressor at the Bacton terminal on the Norfolk coast in 2026. The tieback would "increase production rates, enable the restart of shut-in wells and extend the life of the assets", Perenco said then.

As of the November announcement, one of Blythe's two wells and Elgood's single well were shut in. Blythe, which has a normally unmanned platform, was at the time producing at a rate of six million cubic feet through the other well, Perenco said. Elgood is a tieback to Blythe. Both fields started producing gas 2022 via a new connection to Perenco's Bacton terminal through the reused Thames pipeline.

Elsewhere in the UK North Sea, Perenco has operated Europe's biggest onshore oilfield, Wytch Farm, since 2011, the company says. About 10,000 barrels of oil equivalent a day (boed) of its 50,000 boed production in the UK come from Wytch Farm, in which it holds a 95 percent share, according to the company. Perenco says its production accounts for nearly 15 percent of the UK's national gas output.

Perenco says it "owns and operates the largest infrastructure on the UKCS [UK continental shelf], comprising 32 offshore installations, 12 subsea wells and a network of more than 2,000 kilometers [1,242.74 miles] of pipelines connected to its two onshore terminals at Bacton and Dimlington, where the gas is received, treated, metered and then exported into the UK National Grid".

CalEnergy is part of Northern Powergrid Holdings Co, whose parent company is billionaire Warren Buffett's Berkshire Hathaway Inc.

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