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Equinor completes sale of Alba interest to Verus

The Alba Northern platform
The Alba Northern platform

Verus Petroleum has completed a deal with Equinor for its stake in the Alba field in the North Sea.

The deal, for an undisclosed sum, sees Verus take a 17% interest in the Chevron-operated development.

Equinor said its share of production from Alba last year was around 2,300 barrels per day.

The Norwegian firm is retaining its share of decommissioning liability for the field, while Verus will be liable for any new Alba facilities.

At the time the deal was announced in April, Verus CEO Alan Curran said: “Verus is pleased to have signed this SPA with Statoil. This transaction builds upon our Boa acquisition, which we completed last year and our successful Boa infill well drilling program.

“The transaction is consistent with the Verus strategy of expanding our production base and cash flow.”

Equinor said the sale is in line with its strategy to focus on “core activities”, with a mix of oil and gas and wind energy projects.

Alba lies around 130miles north-east of Aberdeen in the central North Sea.

To date it has produced more than 425million barrels of oil since first production in 1994.

Other partners in the Alba development include Chevron, Endeavour Energy UK, Mistui E&P, Spirit Energy, EnQuest and EQ Petroleum Sabah.

The field facilities include the Alba Northern Platform, and a floating production unit.

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