London-listed EnQuest said today it had completed the £13 million acquisition of a stake in the Bressay field from Equinor.
EnQuest, as operator, now has a 40.81% interest, Equinor has retained 40.81%, and Chrysaor has 18.38%.
The deal was first announced in July 2020.
The firm is considering developing the field using the FPSO on its Kraken field.
Bressay, a highly complicated development with around a billion barrels in place, has been shelved since Equinor acquired it in 2007.
Analyst Wood Mackenzie has previously estimated 200million barrels could be recovered from Bressay, but it is said to be even more complex than Equinor’s Mariner project, 30miles north-east, which came online in 2019 after a £6.4bn investment.
The move would help replace resources for EnQuest, who has seen its portfolio shrink considerably in recent months, with Thistle and Heather being decommissioned and having called time on its Don and Alma-Galia fields.