UK-LISTED EnQuest has completed a deal to become operator of the undeveloped Bressay heavy oil field in the UK North Sea. The deal, first announced in July last year, will see EnQuest acquire a 40.81% operating interest in Bressay with former operator Equinor retaining a 40.81% non-operated interest. Chrysaor will retain its 18.38% interest. Bressay holds up to 1 billion barrels of oil-in-place. A concept selection decision was deferred in 2016 due to what Equinor said were "challenging market conditions and the need to simplify the development concept". EnQuest paid an initial £2.2 million ($3 million), payable as a carry against 50% of Equinor's net share of costs, with a contingent consideration of $15 million if a field development plan gets the go-ahead.
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