December 4, 2018

London and Stockholm-listed EnQuest has completed its acquisition of the remaining 75% interest in the Magnus oil field and an additional 9% interest in the Sullom Voe oil terminal and supply facility from BP. The deal also includes additional interests in associated infrastructure, as set out in its initial 7 September announcement.

As outlined at the time, the addition of Magnus is expected to add 60 million barrels of oil equivalent in 2P reserves, 10 million boe 2C resources and approximately $500 million of net present value (NPV) to the group.

EnQuest now has a 100% equity stake in Magnus, 15.1% in the Sullom Voe Terminal, 18% in the Ninian Pipeline System and 41.9% in the Northern Leg Gas Pipeline. Read more…