On 3 December 2018 EnQuest announced that it has completed its deal with BP to acquire the remaining 75% interest in the Magnus field, an additional 0.9% interest in the Sullom Voe Oil terminal and additional interests in associated infrastructure from BP. The deal has an economic date of 1 January 2017. EnQuest had an option on the assets following a previous deal with BP. It exercised this option on 7 September 2018. The consideration for the exercise of the option was USD 300 million (base consideration) along with the entry of a cash flow sharing agreement whereby EnQuest and BP will share the net cash flow (50:50) subject to a cap of USD 1 billion to BP. EnQuest drilled two infill development wells in 2018 targeting un-swept areas of the field. This drilling has given EnQuest a greater understanding of the subsurface and two further wells (Canute and T10/T11) are planned at Magnus. Deal completion comes approximately a year after EnQuest acquired a 25% interest and operatorship in Magnus, a 3% interest in the Sullom Voe terminal and supply facility, a 9% interest in the Northern Leg Gas Pipeline (NLGP) and a 3.8% interest in the Ninian Pipeline System (NPS) also from BP.  Magnus was discovered in 1974 and is a giant Jurassic oil, gas and condensate field. The field was initially developed via a single platform with seven subsea satellite wells for production and injection located in the northern and southern parts of the field. The field was brought onstream in 1983. Following a decline in production in 1995 there was a change in the development strategy adding 13 new wells, completed with gas lift. In the same period six injectors were drilled targeting particular compartments. Then in 2000 an EOR scheme for the field was launched with WAG injection. This was followed in 2003 with miscible hydrocarbon gas injection. At the time gas from the field was a light methane/ethane gas which was too lean for optimal miscible recovery. The gas supply pipeline was therefore re-routed around Sullom Voe where the gas was enriched by injecting propane and butane. This gas supply came from Schiehallion via the West of Shetland Pipeline System to Sullom Voe and then on to Magnus for EOR.  Interest in Magnus following the completion of the exercised option is EnQuest Plc (100% + operator).
BP plc, EnQuest Plc Magnus (P193), Sullom Voe Terminal, NLGP & NPS - Deal completed