Gulf Oil and Gas accountACCOUNT

EnQuest Announces Agreement with BP on Thistle Decommissioning

Source: www.gulfoilandgas.com 1/31/2018, Location: Europe

Share |
Following the completion of the acquisition of an initial 25% interest in the Magnus oil field on 1 December 2017, EnQuest has announced it has agreed with BP to undertake the management of the physical decommissioning activities for Thistle and Deveron.

Under the terms of this agreement with BP:

EnQuest will receive $30 million in cash in exchange for undertaking the management of the physical decommissioning and making payments by reference to 3.7% of the gross decommissioning costs of the Thistle and Deveron fields when spend commences, subject to a cap of £57 million.

EnQuest’s current estimate of its exposure to decommissioning costs is lower than the $30 million cash being received; and EnQuest will also have an option, exercisable over a 12 month period, to receive a further $20 million in cash in exchange for making additional payments by reference to 2.4% of the gross decommissioning costs of these fields, subject to a cap of £42 million.

The transaction aligns the interests of the parties involved in the production and decommissioning phases, reflecting the industrial logic for the operator to undertake the decommissioning of these assets.

Financials and Investment News in United Kingdom >>

Norway >>  5/18/2018 - DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds to be iss...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Bahrain >>  5/10/2018 - Bahrain’s government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom...
Iran >>  5/9/2018 - The U.S. President Trump abandoned a nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting ...

United Kingdom >>  5/9/2018 - Britain’s Serica Energy said it is looking into how renewed sanctions on Iran would impact a British gas field which it operates in partnership with t...
Russia >>  5/1/2018 - Rosneft Board of Directors approved additional initiatives to “Rosneft-2022” Strategy taking into account the message of the President of the Russian ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |

More News

 

Oil & Gas Companies in United Kingdom >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.