Viaro Energy joins one of UK’s “largest undeveloped” oil projects with $52 million acquisition
(WO) – EnQuest PLC has reached agreement with Viaro Energy’s subsidiary, RockRose UKCS 10 Ltd, to sell a 15% working interest in each of the Bressay oil field and the EnQuest Producer floating production, storage and offloading vessel (“FPSO”), both located in the UK North Sea.
Under the terms of the agreement, total consideration in respect of the Bressay oil field and FPSO is £46.0 million ($51.12 million) and will involve an initial payment by RockRose to EnQuest of £34.75 million ($38.62 million), which will be used for general corporate purposes, with the remaining £11.25 million ($12.50 million) to be paid from future Bressay cash flows. RockRose will pay its equity share of capital expenditure associated with the Bressay oil development.
According to Viaro Energy, the Bressay field is one of the “largest undeveloped oil fields in the UK Continental Shelf, with more than 115 MMbbls of net 2C reserves and with an estimated potential to extract around 200 MMboe.”
Steve Bowyer, GM North Sea for EnQuest said, “We continue to progress the development of the wider Kraken area, including a Bressay gas tie-back solution to reduce Kraken emissions, as well as an early production solution project at Bressay.”
Lead image: Kraken field (Source: EnQuest)
