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.
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