Sector News

EnQuest buys stake in BP's Magnus field in North Sea

January 24, 2017

North Sea-focused oil producer EnQuest has agreed to buy a 25 percent stake in BP’s Magnus oil field and further interests in the Sullom Voe oil terminal and surrounding infrastructure, the company announced on Tuesday.

The deal is valued at $85 million (67.8 million pounds) but will be paid through revenue from the assets, of which EnQuest will also become operator.

EnQuest also said it expects 2017 production to rise by up to 28 percent to a range of 45,000-51,000 barrels per day (bpd), mainly thanks to the expected second-quarter start-up of its Kraken field, compared with 39,751 bpd in 2016.

By Karolin Schaps

Source: Reuters

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