EnQuest is interested in buying BP’s North Sea assets, CEO tells CNBC

In this article BP ENQ-GB U.K. energy exploration and production company EnQuest is interested in buying BP's oil and gas interests in the North Sea, its CEO Amjad Bseisu told CNBC on Thursday.

BP announced on July 31 that it had launched a process to sell its U.K. North Sea business. Speaking with CNBC's "Squawk Box Europe," Bseisu said there is still a "tremendous opportunity" in the U.K. oil and gas sector.

Asked directly if EnQuest — which operates mainly in the U.K. Continental Shelf region — is interested in BP's assets in the region, Bseisu said "yes." "There's only a handful of companies left, so there's only a handful of companies that would be interested," he said.

A sale would mark a major retreat from the basin for BP, which has operated in the North Sea for about 60 years. Its North Sea portfolio is made up of five production hubs: two in the central North Sea — Andrew and ETAP — and three west of Shetland — Glen Lyon, Clair and Clair Ridge — employing about 1,100 people altogether, according to BP's website.

Bseisu said the U.K. now imports about half of its energy, adding that its greater reliance on imports has pushed costs higher. He urged the government to support development of the country's oil and gas resources. Bseisu was speaking after EnQuest recorded an adjusted pre-tax profit of $54.6 million in the first half of the year, with revenues reaching $529.9 million and production up 9%.

In 2017, BP sold 25% of its stake in the Magnus oil field to EnQuest, along with associated pipeline infrastructure and a 3% stake in the Sullom Voe processing terminal in Shetland.