Oil and gas production and development company EnQuest has completed the acquisition of the Bressay field interest from Equinor and taken over field operatorship.
The Bressay oil field is located on the UK continental shelf. The field discovered east of Shetland in 1976 and Equinor became operator in 2007.
Equinor agreed to sell a 40.8125 per cent interest in and transfer operatorship of the Bressay oil field development to EnQuest in late July 2020.
The initial consideration was GBP 2.2 million (about $3 million) payable as a carry against 50 per cent of Equinor’s net share of costs, with a contingent consideration of $15 million following authority approval of a field development plan for Bressay.
Following the completion of the acquisition, EnQuest has a 40.81 per cent interest in Bressay and operatorship and Equinor has a 40.81 per cent non-operated interest, with Chrysaor retaining an 18.38 per cent interest.
A number of development scenarios are under consideration for the field, including a potential tie-back to Kraken, reducing emissions, costs and extending its field life.
If developed via Kraken, Bressay produced gas may be used for fuel for the FPSO, reducing carbon emissions over the longer term.