EnQuest has secured full ownership of the Magnus oil field in the North Sea, UK, by acquiring the remaining 75% stake from BP for $300m.
EnQuest will also earn an additional 9% interest in the Sullom Voe oil terminal and supply facility (SVT) in the Shetlands to increase its stake to 15% as part of the acquisition. The company also holds an 18% interest in the Ninian pipeline system and a 41.9% stake in the Northern Leg gas pipeline.
EnQuest’s production capacity will be increased by 60Mmboe of 2P reserves and 10Mmboe of 2C resources following the acquisition of the oil field. The net present value of EnQuest is also expected to increase by $500m.
Both based in the UK, EnQuest is engaged in petroleum exploration and production while BP is an oil and gas company.
Norske Shell has divested a 44.56% operated interest in the Draugen field (PL093) and a 12% non-operated interest in the Gjøa field (PL153) to OKEA for Nkr4.52bn ($526m).
The transaction is part of Shell’s $30bn divestment programme, which aims to simplify its oil and gas production portfolio.
Norske Shell is a subsidiary of British-Dutch oil and gas company Royal Dutch Shell, while OKEA is a Norwegian oil and gas firm.
Exxon Mobil and Chevron are planning to sell their respective 6.8% and 9.57% stakes in the Azeri-Chirag-Gunashli (ACG) oil field in the Azerbaijan sector of the Caspian Sea.
Exxon is expected to raise approximately $2bn from the stake sale, while Chevron is planning to sell its 8.9% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Based in the US, Exxon Mobil is an oil and gas company, while Chevron, also based in the US, is an energy company.
DEA has reached an agreement to acquire Sierra Oil and Gas, which holds interests in six exploration and appraisal blocks in Mexico.
DEA intends to strengthen its position in Mexico’s upstream market through the acquisition and will gain a significant stake in the Zama shallow water discovery operated by Talos Energy.
DEA is a Germany-based subsidiary of L1 Energy and is engaged in oil and gas development, while Sierra Oil and Gas is an independent oil and gas firm in Mexico.