Equinor Sells Interests in Bressay Oil Fileld to 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.
“This transaction supports Equinor’s strategy to continually optimise our portfolio. We welcome EnQuest as the new operator of Bressay and believe the knowledge and experience both parties can share from our existing Mariner and Kraken developments will further strengthen the project,” says Arne Gürtner, Equinor’s senior vice president for UK & Ireland offshore.
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.
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