North Sea-focused oil company EnQuest PLC (ENQ.LN) is in talks with BP PLC (BP) about acquiring assets worth up to GBP400 million, the Mail on Sunday reports, citing inside sources.

According to an unnamed source quoted by the newspaper, EnQuest has "about GBP500 million to spend on acquisitions" and is looking for investment opportunities in the market where big companies mightn't be interested.

BP last year put up for grabs several of its aging oil and gas fields in the North Sea.

Newspaper website: www.mailonsunday.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320