EnQuest interested in buying BP assets in the North Sea
British oil and gas company EnQuest is interested in acquiring BP's assets in the UK sector of the North Sea. EnQuest Chief Executive Officer Amjad Bseisu confirmed this in an interview with CNBC Top News.
Potential sale of BP assets
On July 31, BP announced the launch of a process to sell its UK portfolio of oil and gas assets in the North Sea for a potential deal. If sold, this would mean a significant reduction in BP's presence in the North Sea basin, where the company has operated for around 60 years.
BP's portfolio consists of five production hubs: Andrew and ETAP in the central North Sea, as well as Glen Lyon, Clair and Clair Ridge west of the Shetland Islands. According to information on BP's website, around 1,100 people work at these facilities in total.
EnQuest's interest
Responding to a direct question about interest in BP's assets, Bseisu said that EnQuest is interested in them. The company primarily operates on the UK Continental Shelf.
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According to Bseisu, there are still significant opportunities in the UK's oil and gas sector. He also said that the country imports around half of its energy, and greater dependence on imports has increased costs. The head of EnQuest called on the government to support the development of its own oil and gas resources.
Previous deal between the companies
EnQuest has already bought BP assets in the region. In 2017, BP sold EnQuest a 25% stake in the Magnus oil field, the associated pipeline infrastructure and a 3% stake in the Sullom Voe processing terminal in the Shetland Islands.
In the first half of the year, EnQuest posted adjusted profit before tax of $54.6 million. The company's revenue amounted to $529.9 million, while production volumes increased by 9%.
