BP sells oil terminal in Shetland Islands

The small, British oil company EnQuest is taking over BP's aging terminal in the Shetland Islands.

Photo: BP/PR

The Sullom Voe oil terminal in Shetland Islands is being sold by British BP to British EnQuest. As such, one of the youngest players on the British North Sea Shelf – EnQuest was founded in 2010 – is now taking over one of the oldest oil terminals in the British part of the North Sea. Sullom Voe was completed in 1982.

The deal between the two parties is valued at USD 85 million, and this will not be paid in a one-off sum, but instead over several years from the cash flow generated by Sullom Voe.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Baltic Pipe faces three-month delay

Danish TSO gets permission to resume pipe-laying efforts for most of the gas project, but other sections are postponed to next year. A "large portion" of the gas is expected to flow next year.

Further reading

Related articles

Latest News

See all jobs