UK-based oil firm EnQuest has reached an agreement with Viaro Energy’s subsidiary RockRose to sell a 15% working interest in the Bressay 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 field and FPSO is $58.5 million.
The transaction will involve an initial payment by RockRose to EnQuest of $44.2 million, which will be used for general corporate purposes, with the remaining $14.3 million to be paid from future Bressay cash flows.
RockRose will pay its equity share of capital expenditure associated with the Bressay development, pursuant to an agreed schedule and approvals, the companies informed.
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.”