LONDON – EnQuest Britain has agreed to acquire two CIECO Energy (UK) affiliate companies that hold a combined 8% interest in the Alba oil field in the UK central North Sea.
The total value of the transaction could exceed £19 million ($30 million), contingent on certain project milestones, and would net EnQuest 2P reserves of 5.9 MMboe.
Alba, operated by Chevron, contains about 1 Bbbl of in-place heavy oil – so far about 400 MMbbl have been produced. The oil is in Eocene turbidite sandstones in block 16/26, and is produced from the Alba Northern platform.
Other partners are Mitsui, Endeavour, Statoil, and Centrica.