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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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