EnQuest seeking to sell stakes in North Sea oilfields

Tue Dec 8, 2015 10:21am EST
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* Enquest seeking farm-outs in Heather/Broom field and two projects

* Seeking cash to boost 2017 investment programme

By Ron Bousso

LONDON, Dec 8 (Reuters) - Oil producer EnQuest is seeking to sell stakes in several of its North Sea assets in an effort to boost cash flow in the face of a dim outlook for oil prices.

Chief Executive Officer Amjad Bseisu told Reuters the Aberdeen, Scotland-based company has launched a process to farm out a stake of 20 to 30 percent in the 4,450 barrel per day Heather/Broom field which it operates.

EnQuest currently holds a 63 percent stake in the field, while Wintershall Norge ASA has a 29 percent stake and Canadian producer Ithaca holds an additional 8 percent, according to EnQuest's website.

EnQuest is also seeking to sell up to a quarter of its 60 percent stake in the Kraken development in the UK North Sea which is expected to start production in the first half of 2017. Cairn Energy holds a 25 percent stake in the development.

EnQuest is also aiming at finding investors for a 10 to 20 percent stake in the Scolty/Crathes development, in which it is the operator with a 50 percent interest.

"We're looking to market part of our North Sea portfolio. We have a process to see if we can get some partners to get in," Bseisu told Reuters.   Continued...