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Equinor Transfers Operatorship of Bressay project to EnQuest

Gasoil News - Published on Thu, 13 Aug 2020

Image Source: Equinor Bressay Oil Field EnQuest
Equinor has agreed to sell a 40.8125% interest in and transfer operatorship of the Bressay oil field development on the UK continental shelf to EnQuest. The initial consideration is GBP 2.2 million, payable as a carry against 50% of Equinor’s net share of costs, with a contingent consideration of USD 15 million 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. The concept selection for the field development was deferred in 2016 due to challenging market conditions and the need to simplify the development concept.

The transaction is subject to customary conditions, including partner and authority approval, with an estimated completion date in Q4 2020. Following completion, EnQuest will have an 40.8125% interest and operatorship, Equinor will have 40.8125%, with Chrysaor retaining a 18.375% interest.

Source :

Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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