EnQuest acquires equity interest in the Golden Eagle developmentLocation of Golden Eagle, Peregrine and Solitaire in the Inner Moray Firth.

EnQuest acquires equity interest in the Golden Eagle development

EnQuest has announced that it signed an agreement with Suncor Energy UK to purchase Suncor’s entire 26.69% non-operated equity interest in the Golden Eagle area, comprising the producing Golden Eagle, Peregrine and Solitaire fields for an initial consideration of US$325 million. CNOOC is the operator of the fields.

This acquisition immediately adds incremental production of c.10 kboepd, c.18 MMbbls to net 2P reserves and c.5MMbbls to net 2C resources according to Enquest’s estimates.

The company also identified significant remaining potential for further development, with anticipated field life extending into the early 2030’s.

A four-well infill drilling programme is currently ongoing, with two of the four wells onstream. The programme is scheduled to conclude prior to completion of the transaction, which is expected to take place no later than the end of the third quarter.

A number of unsanctioned activities associated with further sub-sea and platform infill drilling, topsides water debottlenecking and an active well intervention programme are being assessed.

Finally, various third-party near-field tie-back opportunities are also being considered to utilise the available capacity of the facilities.

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