EnQuest plc has agreed a £46 million sale of a 15% working interest in the North Sea Bressay field and its producer FPSO* to RockRose UKCS 10 Ltd.
PRODUCTION
RockRose, subsidiary of Viaro Energy, will pay an initial £34.75m and the remaining £11.25m from future Bressay cash flows.
RockRose will pay its equity share of capital expenditure for the Bressay development.
EnQuest will use the proceeds from the sale, announced on 22 December, for general corporate purposes.
The company acquired an interest in Bressay, a heavy oil field east of the Shetland Islands and 12km northeast of the Kraken field, in January 2021 from Equinor.
Discovered in 1976, Bressay is believed to be “one of the largest undeveloped oil fields in the UK continental shelf with more than 115MMbbls of net 2C resources”.
Enquest general manager North Sea Steve Bowyer 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.”
*floating production, storage and offloading vessel