Jan 21, · Equinor has closed the sale of a % equity interest in the Bressay oil field in the northern North Sea to UK-based petroleum exploration firm EnQuest. Located 12km north-east of the EnQuest-operated Kraken heavy oil field, the Bressay heavy oil field is said to be one of the largest undeveloped oil fields in the UK Continental Shelf (UKCS) Jan 26, · Equinor (EQNR) offloads 50% of its stake in the Bressay oil field development and operatorship. Equinor (EQNR) Closes Bressay Oilfield Stake Sale to EnQuest - January 26, - blogger.com Jul 31, · The Bressay oil field was discovered east of Shetland in and Equinor became operator in The concept selection for the field development was deferred in due to challenging market conditions and the need to simplify the development blogger.comted Reading Time: 2 mins
List of oil and gas fields of the North Sea - Wikipedia
EnQuest today provides an updates on its operational performance for the year to the end of October. EnQuest Chief Executive, Amjad Bseisu, said: "The Group has delivered production in line with guidance year to date, with Kraken continuing to perform well. Magnus Production has been slightly lower than last year due to natural declines and sea water lift pump system issues, which have now been resolved, bressay oilfield. The Group completed its planned maintenance shutdown in October.
The Group continues to focus on activities to improve production, including well interventions reservoir management and gas compression optimisation, bressay oilfield. Kraken Average gross production at 37, Bopd in the ten months to the end of October remains ahead of the top end of guidance and has increased c. In September, the shutdown was successfully completed, with essential maintenance undertaken as planned, bressay oilfield.
Overall subsurface and well performance remains good and production optimisation activities continue through improved injector-producer well bressay oilfield. Water cut rate evolution remains stable. The Group expects Kraken production to be slightly above the 30, Bopd to 35, Bopd gross full year guidance range.
Due to its low sulphur content, the Group continues to optimise sales into the shipping market and pricing has continued to improve, with recent cargoes returning to a premium to Brent.
At the Dons, production continued to be impacted by a lack of gas lift which is no longer available from Thistle, combined with underlying natural declines. Stable operations and plant availability continue to drive a good performance at the Sullom Voe Terminal.
At Heather, preparations for decommissioning have continued with front end engineering activities being undertaken ahead of the resumption of the well abandonment programme in At the Dons, the Group remains focused on working with its partners and the regulator as it seeks the necessary approvals for CoP in the second quarter of The Group continues to evaluate options for the FPSO and will give further updates in due course. This decrease was primarily driven by a detached riser at the Seligi Alpha platform which provides gas lift and injection to the Seligi Bravo platform.
Following an initial investigation and safety assessment, partial operations were able to be recommenced within two bressay oilfield, with wells flowing under natural pressures. Production is currently at c. Remediation activities to allow production to be returned to normal levels are currently being assessed, bressay oilfield, although production is expected to remain constrained through the first half of next year. Business development and growth opportunities Good progress has been made following the announcement in July that the Group had signed a binding sale and purchase agreement with Equinor for a The partners and the regulator have approved the Group as operator of the field and well abandonment activities that were scheduled to take place by Equinor have been completed.
The Group continues to work closely with the regulator to extend the Bressay licenses as it progresses towards completion of the transaction.
Bressay is expected to offer the Group significant 2C resources of up to MMbbls, net to EnQuest and provides the opportunity for bressay oilfield long-term, low cost, phased sub-sea tie back project, potentially to the Kraken field. In addition to the 2C resources potential at Bressay, EnQuest has a large volume of reserves and resources within its portfolio, bressay oilfield, which provide opportunities for long term and low-cost drilling when conditions are supportive, bressay oilfield.
At Magnus there remains a significant 2C resource base of c. Kraken continues to offer bressay oilfield near-field opportunities through the evaluation and development of the western area, bressay oilfield, which holds an estimated MMbbls of STOIIP and the Group will look to develop these prospects when oil prices are supportive. In Malaysia, the Group has c.
On Block PM in Malaysia, we have been progressing prospects through geotechnical studies. These opportunities will be high graded ahead of potential drilling in the future. COVID Update The health and safety of our employees is our top priority.
The Group remains compliant with Dubai, bressay oilfield, Malaysia and UK bressay oilfield and industry policy. The Group has also been working with a variety of stakeholders, bressay oilfield, including industry and medical organisations, to ensure its operational response and advice to its workforce is appropriate and commensurate with the prevailing expert advice and level of risk.
The Group's day-to-day operations continue without being materially affected by COVID Liquidity and net bressay oilfield At the end of Octobernet debt was c. Free cash flow generation of c, bressay oilfield. Total cash and available facilities were c. EnQuest continues to focus on reducing its debt and to meet its senior credit facility amortisations early.
By the end of October, c. Approximately For the remaining two months ofEnQuest has c, bressay oilfield. In October, under the existing terms bressay oilfield the 7. Extendable PIK Toggle Notes originally due the "Retail Bond" and under the existing terms of the 7. PIK Toggle Senior Notes originally due the "High Yield Bond"bressay oilfield, the maturity date of the Retail Bond and that of the High Yield Bond were both automatically extended to 15 October from 15 April as EnQuest's senior credit facility had not been repaid or refinanced in full.
As such, the Group expects full year production to be slightly below the mid-point of the 57, to 63, Boepd guidance range. EnQuest continues to expect to achieve its targets with free cash flow breakeven for the full year of c. Board update Farina Khan was appointed as a Non-Executive Director of the EnQuest Board with effect from 1 November She also became a bressay oilfield of the Audit Committee and the Safety and Risk Committee.
Farina has over 20 years' experience in the oil and gas industry and was previously chief financial officer of the largest listed entity of PETRONAS. Notes to editors ENQUEST EnQuest is providing creative solutions through the energy transition. As an independent production and development company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the operator of choice for maturing and bressay oilfield hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information.
These statements and forecasts involve risk and uncertainty because they relate bressay oilfield events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts, bressay oilfield.
The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance. Press release. You are here: Media Press releases Press release, bressay oilfield. Operations Update. Full year production is expected to be slightly above the 30, Bopd to 35, Bopd gross guidance range Operations continue to be materially unaffected by COVID Positive free cash flow generation At 31 Octobernet debt was c.
For the remaining two months ofc. Q3 Operations Update, bressay oilfield.
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, time: 8:14Equinor completes stake sale in Bressay oil field with EnQuest
sea BRessay Jacket FRont-end engi-neeRing contRact SNC-Lavalin is pleased to announce that it has been awarded a contract by Statoil ASA to carry out the front-end engineer-ing design (FEED) for an approximately 20, t substructure, part of the Bressay offshore development located in the UK sector of the North Sea Mar 04, · The Bressay heavy oil field was first discovered in , but a combination of technical and commercial challenges has resulted in the long period to mature the discovery to development. The Bressay discovery stretches over four licences. One of them, P, was due to expire in July and is now extended to December Jan 26, · Equinor (EQNR) offloads 50% of its stake in the Bressay oil field development and operatorship. Equinor (EQNR) Closes Bressay Oilfield Stake Sale to EnQuest - January 26, - blogger.com
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