EnQuest set for stake in North Sea Alba field

EnQuest Britain has agreed to acquire two CIECO Energy (UK) affiliate companies that hold a combined 8% interest in the Alba oil field in the UK central North Sea.

Offshore staff

LONDON – EnQuest Britain has agreed to acquire two CIECO Energy (UK) affiliate companies that hold a combined 8% interest in the Alba oil field in the UK central North Sea.

The total value of the transaction could exceed £19 million ($30 million), contingent on certain project milestones, and would net EnQuest 2P reserves of 5.9 MMboe.

Alba, operated by Chevron, contains about 1 Bbbl of in-place heavy oil – so far about 400 MMbbl have been produced. The oil is in Eocene turbidite sandstones in block 16/26, and is produced from the Alba Northern platform.

Other partners are Mitsui,Endeavour, Statoil, and Centrica.

1/23/2013

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