document: On 31 July 2020 Equinor agreed to sell 40.8125% of its interest and transfer operatorship of licences P234 (block 3/28a), P493 (block 3/28b), P920 (3/27b) and P977 (blocks 9/2a and 9/3a) to EnQuest. A sale and purchase agreement has been signed between the two companies for the licences that host the Bressay heavy oil field. The sale is for an initial consideration of GBP 2.2 million (as a carry against 50% of Equinor's net share of costs) and a further consideration of GBP 11.48 (USD 15 million) will be payable when the Bressay field development plan is approved. The deal is estimated to complete in Q4 2020.  Located northeast of Kraken field, the Bressay field was discovered in 1976 with heavy oil and a small gas cap in the Upper Paleocene Teal Sands. The heavy oil has an average API of 12Â° and a viscosity of 550 cP. An environmental statement was submitted for the field in June 2013 which described the development via 70 development wells, with operations commencing in 2016, first oil in 2018 and peak production was anticipated to take place between 2022 and 2025. However, by November 2013 the development was stated to be delayed and in August 2016 the concept selection was deferred because of market conditions and the need to simplify the development concept. A number of development scenarios are still under consideration, one involves a tie back to Kraken field.  Interest in the licences P234, P493, P920 and P977 is held by EnQuest Heather Ltd (40.8125% + operator), Equinor (UK) Ltd (40.8125%) and Chrysaor Ltd (18.375%).
summary: (East Shetland Platform) EnQuest has agreed to acquire 40.8125% and operatorship from Equinor in Bressay heavy oil field licences P234 (3/28a), P493 (3/28b), P920 (3/27b) and P977 (9/2a & 9/3a). Current field partners Equinor UK Ltd (81.625% + Op) and Chrysaor Ltd (18.375%). After completion, new field partners will be EnQuest (40.8125%, op.), Equinor UK Ltd (40.8125%) and Chrysaor Ltd (18.375%).