EnQuest acquires Bressay oil field from Equinor
31 July, 2020
Equinor has agreed to sell over 40% interest in and transfer operatorship to EnQuest of the Bressay oil field development.
The initial consideration is £2.2m, payable as a carry against 50% of Equinor’s net share of costs, with a contingent consideration of $15m (£11.5m) following authority approval of a field development plan for Bressay.
The Bressay oil field was discovered east of Shetland in 1976 and Equinor became operator in 2007.
Upon completion, EnQuest will have over 40% interest and operatorship, Equinor will have over 40%, with Chrysaor retaining a 18% interest.
The transaction is subject to customary conditions, including partner and authority approval, with an estimated completion date in Q4 2020.