EnQuest, Delek terminate Kraken farm-out talks

Offshore staff

LONDONEnQuest has ended discussions regarding the potential farm out of a 20% working interest in the Kraken development to Delek Group Ltd. The two companies entered talks in July, but were ultimately unable to come to an agreement and discussions have now been terminated.

Delek Group said that it “continues to review additional strategic synergies in E&P in international markets as part of its strategy to establish an international operating arm.”

Kraken is a large heavy-oil accumulation in the UK North Sea, located in the East Shetland basin around 125 km (78 mi) east of the Shetland Islands. The two Kraken fields are located in block 9/2b in a water depth of around 110 m (360 ft). The field development plan includes 25 wells. 

Operator EnQuest (70.5%) picked up additional stake in the project earlier this year and partners with Cairn Energy Plc (29.5%) in the development.

09/16/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...