EnQuest has struck a deal to sell a 15% stake in the Bressay field to RockRose UKCS 10, a subsidiary of Viaro Energy.
The North Sea firm announced that it sold the share of the field and the EnQuest Producer FPSO vessel this morning.
Viaro has said that the deal provides support for the Bressay development and “paves the way for a Field Development Plan to be advanced in line with EnQuest’s ongoing plans.”
Under the terms of the agreement, the total consideration in respect of the Bressay field and FPSO is £46million.
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.
"We look forward to working with Rockrose, Waldorf (our Kraken JV partner) and the NSTA to move the project forward."
Francesco Mazzagatti, chief executive of Viaro Energy, told Energy Voice: “We are grateful to the team at EnQuest for the smooth negotiation process on the Bressay acquisition.
“Long considered one of the largest developments on the UK Continental Shelf, Bressay is an essential component of the country’s effort to secure viable energy sources in the long term.
“Apart from its significant potential to contribute to the UK’s energy security, ensuring the development of Bressay is crucial in order to encourage more investments in the UKCS, where we hope the tax regime will soon stabilise.
“It is an important addition to our portfolio, as it not only confirms our serious commitment to support the development of North Sea assets to their fullest potential, but also fits into our strategy to continuously reinvest into new assets and development opportunities.
“Considering EnQuest’s successful track record with the surrounding developments in the area, we are confident they are the right partner to ensure that the extraction will be aligned with the highest industry standards.”
The UK's flagship share index, the FTSE 100, was down seven-points at 7,686 shortly after opening this morning.
Brent crude oil futures were up by 0.20% today, trading at $79.86 per barrel.