EnQuest has confirmed that it is interested in acquiring bp’s UK North Sea oil and gas business as the major explores a potential sale of the portfolio.
Chief executive Amjad Bseisu confirmed the company’s interest during an interview with CNBC on 3 September. He said the UK oil and gas sector still offered a “tremendous opportunity”, despite the limited number of companies currently positioned to acquire a portfolio of this scale.
bp launched the formal marketing process on 31 July. The business comprises interests in five production hubs: Andrew and ETAP in the central North Sea, and Glen Lyon, Clair and Clair Ridge west of Shetland. Approximately 1,100 people work within the business.
EnQuest already has experience acquiring mature North Sea assets from bp. In 2017, it purchased an initial 25% interest in the Magnus field, interests in associated infrastructure and a stake in the Sullom Voe Terminal.
No formal offer or transaction has been announced.
Image courtesy of Enquest
