BP gets Magnus money back
Enquest pays off first loan issued in innovative North Sea financing deal
UK independent Enquest has paid back the loan afforded to it by BP when the latter sold it a 25pc stake in the Magnus field in a January 2017 deal, the firm said when reporting results for the first half of the year. The loan was repaid by Enquest through improved cashflow from Magnus, where the firm has increased production to above purchase case rates and reduced opex by 66pc from $60/bl oe in 2015 to $20/bl oe. "The key driver of our improved cashflow in the [first half of 2019] has been Magnus," says Enquest CFO Jonathan Swinney. "Improved performance from Magnus has accelerated the cashflow from the asset." Enquest secured the 25pc stake in Magnus for a base consideration of $85mn, a pr
Also in this section
26 March 2026
The Iran crisis is exposing the gaping holes in the region’s stockpiles and asking questions of its longer-term energy strategy
26 March 2026
The company plans for phase-one startup in late 2029 as it seeks to maximise value from chemicals project following nine-month hiatus
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
