Oil & Gas UK welcomes news from BP and EnQuest

Commenting on the sale of part of BP’s interests in the Magus oil field and Sullom Voe Terminal to EnQuest, Oil & Gas UK Chief Executive Deirdre Michie said:

"This is an innovative deal which will open a new chapter in the life of Sullom Voe and the productive life of Magnus, an iconic North Sea oil field. It also sends a very positive signal on the opportunities available in the North Sea and is an indication of confidence that, even after producing oil for more than thirty years, this mature field still has more to give.

"The transfer of assets and infrastructure builds on a long-term trend to see 'the right mature assets' move into the right hands of established UK mature field operators and sees a fresh commitment to exciting development opportunities by established incumbent companies."