Enterprise Oil
Encyclopedia
Enterprise Oil was a major British independent exploration and production company based in Europe
, with core areas of activity in Britain
and Ireland
, mainland Europe
, Brazil
and the Gulf of Mexico
. The Company was once a constituent of the FTSE 100 Index
but was acquired by Royal Dutch Shell
.
oil production assets of the then state-owned British Gas plc
: it was privatised and its shares first listed on the London Stock Exchange
in February 1984. In 1994 the Company was involved in a high-profile but unsuccessful bid to acquire Lasmo
.
The Corrib gas field
was discovered off the coast of Ireland
by Enterprise Oil in 1996, and has proved especially troublesome for Shell (see Corrib gas controversy
) In the last few years of the Company's existence it was also investing significant sums in its Brazil
ian oil interests.
The Company was purchased by Royal Dutch Shell
for £3.5bn in 2002.
The Right Reverend Justin Welby
, Bishop of Durham, served as the company's Group Treasurer before his ordination.
; it had also made at least one major discovery in the Gulf of Mexico
. It was initially based in London
but whilst keeping its head office there, in 1998 it moved its UK operations to its office in Aberdeen
.
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, with core areas of activity in Britain
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, mainland Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
and the Gulf of Mexico
Gulf of Mexico
The Gulf of Mexico is a partially landlocked ocean basin largely surrounded by the North American continent and the island of Cuba. It is bounded on the northeast, north and northwest by the Gulf Coast of the United States, on the southwest and south by Mexico, and on the southeast by Cuba. In...
. The Company was once a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
but was acquired by Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
.
History
Enterprise Oil was formed in 1983 to expoit the North SeaNorth Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
oil production assets of the then state-owned British Gas plc
British Gas plc
British Gas plc was formerly the monopoly gas supplier and is a private sector in the United Kingdom.- History :In the early 1900s the gas market in the United Kingdom was mainly run by county councils and small private firms...
: it was privatised and its shares first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in February 1984. In 1994 the Company was involved in a high-profile but unsuccessful bid to acquire Lasmo
Lasmo
Lasmo plc was a leading British oil and gas exploration and production business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
.
The Corrib gas field
Corrib Gas Field
The Corrib gas project entails the extraction of a natural gas deposit off the northwest coast of Ireland. The project includes a development of the Corrib gas field, and constructions of the natural gas pipeline and a gas processing plant. The project has attracted considerable...
was discovered off the coast of Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
by Enterprise Oil in 1996, and has proved especially troublesome for Shell (see Corrib gas controversy
Corrib gas controversy
The Corrib gas controversy concerns plans by Shell E&P Ireland, Statoil Exploration Limited, Vermilion Energy Trust and the Irish government for processing the Corrib gas field through Broadhaven Bay and Sruth Fada Conn Bay in Kilcommon parish, Erris, County Mayo, and objections raised against...
) In the last few years of the Company's existence it was also investing significant sums in its Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
ian oil interests.
The Company was purchased by Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
for £3.5bn in 2002.
The Right Reverend Justin Welby
Justin Welby
Justin Portal Welby became the Bishop of Durham and the fourth most senior cleric in the Church of England on 29 September 2011. He was previously the Dean of Liverpool Cathedral.-Early life and education:...
, Bishop of Durham, served as the company's Group Treasurer before his ordination.
Operations
The Company had interests in some 41 fields, mainly in the North SeaNorth Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
; it had also made at least one major discovery in the Gulf of Mexico
Gulf of Mexico
The Gulf of Mexico is a partially landlocked ocean basin largely surrounded by the North American continent and the island of Cuba. It is bounded on the northeast, north and northwest by the Gulf Coast of the United States, on the southwest and south by Mexico, and on the southeast by Cuba. In...
. It was initially based in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
but whilst keeping its head office there, in 1998 it moved its UK operations to its office in Aberdeen
Aberdeen
Aberdeen is Scotland's third most populous city, one of Scotland's 32 local government council areas and the United Kingdom's 25th most populous city, with an official population estimate of ....
.