EnergyWatch

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.

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