EnQuest bosses said yesterday its acquisition of 75% of the Magnus field, giving it 100%, would deliver a huge “step change” for the oil firm.
Oil firm EnQuest said today that it would exercise an option to buy the remaining 75% interest in the Magnus field from BP for £230 million.
North Sea oil producer EnQuest said today it had managed to knock down the cost of its Kraken field project, which started producing in June.
A manager at EnQuest said yesterday that the company felt “blessed, not cursed” after completing a deal to become operator of another North Sea field and a major oil terminal.
EnQuest became the operator of another North Sea field and a major oil terminal today.
Workers are being removed from a North Sea platform over ongoing problems with diesel contaminating its water supply.
Investigations are ongoing on a BP operated North Sea platform to try and find out how diesel contaminated part of the installation's water supply.
Offshore workers were banned from drinking the tap water on their platform after it was found to be contaminated with diesel – but were told to keep showering in it.
Private equity is not a major player in oil and gas yet, but recent entries could signal a shift in the funding of companies and projects, a corporate lawyer has said.
EnQuest made a marginal profit last year after streamlining its operations by reducing overheads and increasing production.
An Aberdeed-based offshore firm has pledged to extend the life of one of the North Sea’s oldest oil fields after taking over from BP as operator of the Sullom Voe terminal.
BP this morning confirmed it had sold off a significant slice of its North Sea Magnus field to Enquest for $85million.