OIL and gas producer EnQuest has signed an agreement with Suncor Energy UK to purchase its entire 26.69% stake in the Golden Eagle area of the UK North Sea for £240 million.
The Golden Eagle, Peregrine and Solitaire oil fields, located about 70 miles north-east of Aberdeen, have “significant remaining development potential”, with anticipated field life extending into the early 2030’s.
EnQuest said the purchase of the site, which is operated by Chinese firm Cnooc, would give it additional production of 10,000 barrels of oil equivalent per day and reserves of 18 million barrels.
Amjad Bseisu, EnQuest chief executive, said: “We are delighted we have agreed the acquisition of a material interest in Golden Eagle, a high-quality, low-cost UK North Sea development.
“Upon completion, this acquisition will add immediate material production and cash flow to EnQuest and will allow us to accelerate use of our substantial tax losses.
“It also demonstrates our continued commitment to the UK North Sea and diversifies our existing production base.
“The assets have a strong safety record and a lower than average CO2e emissions intensity ratio.
“We look forward to a productive partnership with the operator, Cnooc and our future joint venture partners, Neo Energy and One Dyas.”
