EnQuest plc said it had agreed to buy Suncor Energy UK’s 26.69% non-operated interest in the producing Golden Eagle area for an initial consideration of $325 million (£235m).
The area, in the UK central North Sea, comprises the producing Golden Eagle, Peregrine and Solitaire fields.
The company said that the deal, expected to conclude by the end of the third quarter of 2021, would add some 10 kboepd, 18 MMboe1 of 2P reserves and some 5 MMboe of 2C resources to production.
There was also the potential for “significant remaining development”, with the life of the field anticipated to extend into the early 2030s.
Golden Eagle currently has a four-well infill drilling programme in operation, with two of the four wells onstream.
Other unsanctioned activities are planned associated with further sub-sea and platform infill drilling, topsides water debottlenecking and an active well intervention programme are being assessed
EnQuest added that various third-party near-field tie-back opportunities being considered to utilise available capacity of the facilities.
Under the transaction, EnQuest has agreed to acquire 100% of the shares in North Sea (Golden Eagle) Resources Ltd, a new company which will, on completion of the deal, hold Suncor’s non-operated equity interest in the Golden Eagle area.
GOLDEN EAGLE
Golden Eagle is operated by CNOOC International and located some 111 kilometres northeast of Aberdeen.
The field was discovered during 2007, developed by Nexen and brought onstream in late 2014. Solitaire and Peregrine are two satellites that tie back to the Golden Eagle facilities.
Golden Eagle is a modern, standalone processing facility consisting of a wellhead platform and a production, utilities and quarters platform.
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