EnQuest – Delek Kraken Deal Fails

EnQuest and Delek have not been able to reach an agreement with regard to the potential sale of an interest in the Kraken development.

In July this year, EnQuest entered into discussions with Delek for the sale of an interest in the Kraken development to one of Delek’s subsidiaries.

The two companies signed a non-binding memorandum of understanding and were working towards executing binding transaction documents, under which EnQuest was to farm out to Delek a 20% working interest in Kraken.

In addition, the proposal said that Delek would bear its share in the project capex from January 1, 2016. It was also proposed that, at completion, Delek would advance $20 million to EnQuest for a period of up to 5 years at an annual interest of 3 percent which would be returned to Delek in the event that its costs were not covered by revenues within 5 years from the completion date.

First oil production from the EnQuest-operated Kraken field, developed with the FPSO unit and subsea wells, is expected in 2017. The company holds 70.5 percent stake in Kraken.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Kuwait Oil & Gas Show

Kuwait Oil & Gas Show is the Kuwait International Fair Ground in Kuwait City, Kuwait. This event showcases product from Chemicals & Dyes, Electronics & Electrical Goods, Hand, Machine & Garden Tools, Petroleum, Oil & Gas, Power & Renewable Energy industries. More info

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >

Offshore Site Investigation & Geotechnics Committee 8th International Conference “Smarter Solutions for Future Offshore Developments”

The conference series, which has run since 1979, offers a unique opportunity for geotechnical engineers, geoscientists and academics…

read more >

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >