Jan 24, 2017
EnQuest buys North Sea oilfield from BP
EnQuest has agreed to buy a 25 per cent stake in a mature North Sea oilfield from BP, in what is expected to be the first of several transfers of assets in the region over the coming weeks from the majors to smaller operators and private equity. The transaction also involves the purchase by EnQuest of additional stakes in infrastructure assets in the area, including the Sullom Voe Terminal, one of the largest oil terminals in Europe, and the Northern Leg Gas Pipeline, which transports gas 80km to the Brent A platform in the North Sea. Should EnQuest take up the option to buy the remaining 75 per cent of the oilfield, it will be required to pay $100m in cash. BP will retain liability for decommissioning the Magnus field when it has reached the end of its life, although EnQuest has agreed to make additional deferred payments to assist with the decommissioning costs. As part of the deal, EnQuest could choose to receive $50m in cash from BP to takeon the management of decommissioning two other North Sea fields - Thistle andDeveron - in which BP has a 1 per cent interest.
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