Jan 24, 2017
BP selling part of Magnus field and Sullom Voe stakes to EnQuest
It is expected that about 100 BP staff linked with Magnus, and about 240 at Sullom Voe, will also transfer to EnQuest. The company will have future options to take full ownership of Magnus and a larger Sullom Voe stake. The sale price of $85m is expected to be met from Enquest's share of future cash flows from the assets. The agreement will not include any upfront payment to BP. BP said EnQuest's record of extending the life of mature assets made them a natural operator for the interests. BP North Sea regional president Mark Thomas said: "Sullom Voe and Magnus have been great businesses for BP, but to maximise the economic life of these important assets, we believe this deal will offer them a better long-term future."
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