Enterprise Oil
| Company type | Public company (formerly) |
|---|---|
| Industry | Oil and gas exploration and production |
| Founded | 1983 |
| Defunct | 2002 |
| Fate | Acquired by Royal Dutch Shell |
| Headquarters | London , United Kingdom |
Area served | United Kingdom, Ireland, mainland Europe, Brazil, Gulf of Mexico |
Key people | Justin Welby (Group Treasurer 1984–1987) |
| Products | Oil and gas |
Enterprise Oil was a prominent independent exploration and production firm headquartered in Europe, with principal operations across the United Kingdom, Ireland, mainland Europe, Brazil, and the Gulf of Mexico. It was formerly listed on the FTSE 100 Index prior to its acquisition by Royal Dutch Shell.
History
Founded in 1983, Enterprise Oil was created to manage the North Sea oil assets previously owned by the state-controlled British Gas plc. The company went public through a London Stock Exchange flotation in February 1984. In 1994, it launched a notable but ultimately unsuccessful attempt to take over Lasmo.
In 1996, Enterprise Oil discovered the Corrib gas field off the coast of Ireland, a venture later transferred to Shell that encountered considerable difficulties (refer to Corrib gas controversy). During its later period, the firm significantly expanded its investments in Brazilian oil projects.
Among its notable executives was The Most Reverend Justin Welby, who held the position of Group Treasurer from 1984 until 1987 and is now Archbishop of Canterbury.
In 2002, Enterprise Oil was purchased by Royal Dutch Shell for £3.5 billion.
Operations
Enterprise Oil maintained interests in approximately 41 fields, predominantly located in the North Sea, and achieved at least one major find in the Gulf of Mexico. While initially headquartered in London, it continued to keep its main office there but transferred its UK operational base to Aberdeen in 1998.