EnQuest buys 8pc stake in Alba

North-Sea focused EnQuest has snagged an eight per cent holding in the Alba oil field for £19.25m. EnQuest will acquire two of CIECO Energy’s companies, which together hold a total of eight per cent in the field. The oil producer will pay £18.75m in cash, plus a further £0.5m for the completion of certain project milestones. The stake in the field has reserves of 5.9m barrels of oil, EnQuest said yesterday.