UK independent EnQuest has bolstered its position in the northern North Sea through an innovative deal with BP, to be funded by future revenues, to take over operatorship of the Magnus oilfield and the Sullom Voe Terminal (SVT) on the Shetland Islands.
Initially, EnQuest will take 25% of BP’s 100% stake in Magnus and a 3% stake in SVT, the UK’s largest oil terminal, taking its interest to 6%.
