Investment decisions could be on the way for Perth, Bentley and Bressay in the North Sea, alongside West of Shetland giants.
North Sea operator EnQuest (LON: ENQ) is the latest company to reap the rewards of “strong production” and “high commodity prices”.
EnQuest has reported solid production performance for the year to date, as it continues with workover programmes in the North Sea and offshore Malaysia.
The North Sea and West of Shetland has 48 known discoveries with 2.3 billion barrels of oil equivalent, and new research has shed light on the challenges in getting them developed.
EnQuest (LON: ENQ) cut into its debt and moved back into the black in its 2021 results, despite a series of troubles knocking back production levels.
EnQuest has announced the completion of its acquisition of the Bentley field, one of the North Sea’s largest untapped discoveries, from Whalsay Energy.
A boss of the collapsed firm Xcite Energy, which used to own the Bentley discovery, has wished new operator EnQuest well on the project.
London-listed EnQuest said today it had completed the £13 million acquisition of a stake in the Bressay field from Equinor.
EnQuest bosses said today that the recent shrinking of the firm’s UK North Sea footprint was just part of the “natural cycle”.
Equinor is selling a 40% operated stake in the huge Bressay field east of Shetland to EnQuest in a deal worth £13m.
Equinor will look to develop its Rosebank and Bressay projects in the North Sea once production levels have been ramped up at the new Mariner field.
Statoil bosses have said there is still no timescale for developing the Bressay field east of Shetland.
Norwegian oil and gas giant Statoil has been touted as a potential bidder for troubled Xcite Energy’s Bentley field in the North Sea.
Xcite Energy is facing liquidation after bondholders rejected a debt for equity swap.
Norwegian energy giant Statoil has been flexing its muscles in the North Sea this month with a number of big announcements.
Norwegian operator Statoil and Shell have decided to put the concept selection process for the Bressay field on the UK Continental Shelf.
Statoil has re-awakened its UK sector Bressay heavy oilfield project and is keen to get both concept selection and investment decision nailed down next year.