Seapulse, EnQuest to cooperate on exploration, development

Seapulse has entered an alliance with London-based E&P independent EnQuest.

The two parties will work together to ‘streamline’ the development process for discoveries, Seapulse said: the company’s declared strategy is to adopt a low-cost, high-impact portfolio approach to offshore exploration.

Last year it formed a partnership with Maersk Drilling with a view to delivering 12 exploration wells and testing potential oil reserves of six Bbbl over the next two years.

EnQuest will contribute its experience in fast-track offshore project engineering and execution.

In return, it will benefit from data insight and preferential farm-in option rights to Seapulse’s discoveries, limiting its exposure to exploration costs.

Seapulse co-founder and CEO Scott Aitken said: “This alliance builds on our business model of eliminating duplication in the sector and finding a lean approach to the frequent exploration and development of a world-scale portfolio of prospects.”

Source: Offshore Magazine