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
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award; this is no easy task but it can be done thanks to an international legal framework under the New York Convention.
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
31 July 2025
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
