EnQuest Buys 8% of Alba Field

Printer Friendly Version
Email this Page

North Sea-focused independent EnQuest has made an agreement that will see it acquire an 8 percent interest in the Alba oil field. The deal is being achieved by the firm's subsidiary EnQuest Britain Limited acquiring two of CIECO Energy's affiliate companies, which together hold 8 percent of the field.

EnQuest will pay $29.6 million (GBP 18.75 million) cash, along with a further deferred cash consideration of up to $790,000 (GBP 500,000) contingent on project milestones being achieved. The eight percent interest in Alba means that EnQuest is gaining net 2P reserves of 5.9 million barrels of oil equivalent.

The Alba field contains around 1 billion barrels of oil in place and has so far produced around 400 million barrels. It produces heavy oil from Eocene turbidite sandstones in block 16/26 in the UK North Sea and produces from the Alba Northern platform. The field is operated by Chevron, which has a 23.37-percent interest.


 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

Printer Friendly Version
Email this Page

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Lamprell Delivers Newbuild Jackup Buti... (May 4)
 -  New Subsea Integrity Firm UIS Launched... (May 4)
 -  Services Firm Cape Secures 500 Jobs wi... (May 1)
 -  Falcon O&G and Partners Prepare for Dr... (Apr 30)
 -  Exoma Finalizing Withdrawal from Queen... (Apr 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sales Director - Atlantic Region
Expertise: Business Analyst|Business Development|Materials Management |Sales & Marketing
Location: New Jersey, 
 
Project Quality Manager - Houston
Expertise: Engineering Manager|QA / QC / Inspection|Subsea Engineering
Location: Houston , TX
 
Project Controller
Expertise: Project Management
Location: Lafayette, 
 
search for more jobs

Brent Crude Oil : $67.1/BBL 0.96%
Light Crude Oil : $58.93/BBL 0.37%
Natural Gas : $2.82/MMBtu 1.43%
Updated in last 24 hours