UK oil and gas firm Tailwind Energy has sold its 100%-operated interest in the Conwy field to the British subsidiary of Italian oil firm Eni.
The deal with take effect from July 1 2021, subject to regulatory approvals.
Tailwind chief executive Stephen Edwards said Conwy, in the east Irish Sea, had enjoyed an “excellent” safety and production record under the company’s watch.
But Mr Edwards said the field would now fit “more readily” into the Liverpool bay operation of Eni.
Tailwind, backed by trading house Mercuria Energy Group, received its stake in Conwy through its 2018 purchase of the UK business of Houston-headquartered oil and gas firm EOG Resources.
That transaction also gave London-based Tailwind 25% of the Columbus gas field development, which is operated by Serica Energy.
Tailwind has made several acquisitions in recent years, starting in 2017-18 with the purchase of Shell and Exxon’s interests in the Triton oil cluster.
It then did the EOG deal, and is following that up with the purchase of Aberdeen-based Decipher Energy.
Tailwind has also been linked with a swoop for BP’s non-operated interests in the Shearwater field.
The business was founded in 2016 by a management team boasting more than 200 years of experience in investment and exploration and production.
It is led by Mr Edwards, whose career in oil and gas started at Schlumberger.
He joined Shell as an explorer working in a variety of international locations, including Australia, Africa and Europe.
Mr Edwards was hired by Nexen in 2006 as its business development manager for Europe.