Offshore staff
LONDON – EnQuest has agreed to acquire Suncor Energy UK’s 26.69% interest in the Golden Eagle area of the UK central North Sea for an initial $325 million.
The area, comprising the Golden Eagle, Peregrine and Solitaire fields, will add around 10,000 boe/d to EnQuest’s production, with estimated life of field opex and capex of close to $20/boe.
The company sees potential for further development to extend field life into the early 2030s.
A four-well infill drilling program has been under way for some time on Golden Eagle, with two of the four wells onstream.
Numerous other activities are planned associated with further subsea and platform infill drilling, topsides water debottlenecking at the Golden Eagle complex, and well interventions.
Various third-party near-field tieback opportunities are also under assessment.
Under the proposed transaction EnQuest will acquire 100% of the shares in North Sea (Golden Eagle) Resources, a new company that at completion, will retain Suncor’s non-operated equity interest in the area.
Golden Eagle, operated by CNOOC International, is 111 km (68.9 mi) northeast of Aberdeen. It was originally developed by Nexen and brought onstream in late 2014.
Solitaire and Peregrine are two satellites tied back to the Golden Eagle complex which comprises a wellhead platform and a production, utilities, and quarters platform.
Golden Eagle’s Upper Jurassic and Lower Cretaceous Punt and Burns reservoirs produce sweet, low acid 36° API oil via 14 gas-lifted wells, with support from six water injectors. Solitaire and Peregrine both produce under depletion.
Oil and gas are exported via the Flotta and SAGE pipeline systems.
02/04/2021
