Offshore staff
LONDON — Late last month, EnQuest agreed to farm down a 15% interest in the heavy-oil Bressay Field and the FPSO EnQuest Producer in the UK northern North Sea to RockRose UKCS 10 Ltd., a Viaro Energy subsidiary.
The total consideration is £46 million ($58.4 million), of which £11.25 million ($14.28 million) will be paid from future Bressay cash flows following a development. RockRose has also committed to pay its equity share of capex associated with the development, pending an agreed schedule and approvals.
Steve Bowyer, EnQuest's GM North Sea, said, “We continue to progress the development of the wider Kraken area, including a Bressay gas tieback solution to reduce Kraken emissions, as well as an early production solution project at Bressay.”
Viaro estimates capex for the early production system development at £600 million ($762 miilion).
Bressay, previously operated by Chevron and later Equinor, is one of the UK’s largest undeveloped oil fields with potential to produce about 200 MMboe, the company said.
The field, discovered in 1978, is in blocks 3/28a, 3/27b, 3/28b, 9/2a, and 9/3a in the East Shetland basin.
Pending regulatory approval of the transaction, EnQuest will retain an 85% operated stake.
This will be Viaro’s first foray into the northern UK North Sea, alongside its existing interest in the central and southern sectors and west of Shetland.
Earlier in 2023, the company farmed into the Anning and Somerville gas developments and expects to assume operatorship during 2024.
01.04.2024
