Suttie to acquire assets near Shetland

Ian SuttieIan Suttie, the Scottish oil and gas major, is planning to acquire a portfolio of assets east of Shetland for $53 million £32 million.

Suttie, who heads First Oil in Aberdeen, has announced that he has agreed to acquire bulk of the North Sea estate of Canada's Antrim Energy. The stake sale includes two producing fields and exploration acreage. First Oil has emerged as a major player in the industry through a series of acquisitions and exploration success.

Mr Suttie had sold his Orwell oil services business to America's Weatherford International for around £115m in 2001 and had set up First Oil. The oil firm now describes it as the largest, private, UK owned company producing oil and gas in the North Sea. The latest deal shows that the company is focusing on the North Sea area and expects the region to remain a major oil producing region in the future.

The company also has a stake in giant Kraken heavy oil field east of Shetland, which is one of the largest developments in the UK. The partners worth £4 billion include Enquest and Cairn Energy.