EnQuest agrees Thistle decommissioning with BP

Following on from last year's acquisition from BP, EnQuest has agreed with BP to undertake the management of the decommissioning activities for Thistle and Deveron.

EnQuest will receive USD30 million in cash for management of the decommissioning and for taking on 3.7% of the gross decommissioning costs of the Thistle and Deveron fields, subject to a cap of USD80 million. EnQuest estimates its exposure to costs is currently less than the cash being received.

EnQuest also has an option, exercisable over a 12-month period, to receive a further USD20 million in return for taking on a further 2.4% of the gross decommissioning costs of these fields, subject to a cap of USD59 million.