Fossil Energy – New Partner
Viaro Energy has received regulatory approval from the UK’s North Sea Transition Authority (NSTA) for the assignment in the Bressay oil field licence in the North Sea, following the recently completed acquisition agreement with EnQuest.
Discovered in 1978, the EnQuest-operated Bressay is located in UKCS Blocks 3/28a, 3/27b, 3/28b, 9/2a, and 9/3a of the Northern North Sea, east of the Shetland Islands.
With an estimated potential to extract around 200 million boe, Bressay is viewed as one of the largest undeveloped oil fields in the UK Continental Shelf (UKCS).
Under the terms of the Sales and Purchase Agreement, Viaro’s subsidiary, RockRose Energy, acquired a 15% interest in the Bressay field and the EnQuest Producer FPSO for a total consideration of £46 million.
The proposed early production system development under review has an estimated capital expenditure of £600 million, with £90 million being RockRose’s net share.
