EnQuest acquires 25% stake in BP’s Magnus oil field
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Paul Williams
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EnQuest acquires 25% stake in BP’s Magnus oil field
25 January, 2017
BP has announced that it will sell 25% of its 100% stake in the Magnus oil field and shares of other UK North Sea projects to oil and gas development and production company EnQuest.
The deal, worth US$85 (￡68m), includes the share in Magnus, 25% of BP’s interests in a number of associated pipelines in the UK Northern North Sea and a 3% stake in the Sullom Voe Terminal on Shetland.
EnQuest will take over operatorship of both the Magnus field and the Sullom Voe Terminal, taking on 340 BP employees.
The company revealed plans to drill three further wells on the field, with the aim to increase the value of the field and extend the life of the terminal.