EnQuest, Delek terminate Kraken farm-out talks
EnQuest has ended discussions regarding the potential farm out of a 20% working interest in the Kraken development to Delek Group Ltd.
LONDON – EnQuest has ended discussions regarding the potential farm out of a 20% working interest in the Kraken development to Delek Group Ltd. The two companies entered talks in July, but were ultimately unable to come to an agreement and discussions have now been terminated.
Delek Group said that it “continues to review additional strategic synergies in E&P in international markets as part of its strategy to establish an international operating arm.”
Kraken is a large heavy-oil accumulation in the UK North Sea, located in the East Shetland basin around 125 km (78 mi) east of the Shetland Islands. The two Kraken fields are located in block 9/2b in a water depth of around 110 m (360 ft). The field development plan includes 25 wells.
Operator EnQuest (70.5%) picked up additional stake in the project earlier this year and partners with Cairn Energy Plc (29.5%) in the development.
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