EnQuest is an oil and gas development and production company focused on turning opportunities into value by targeting maturing assets and undeveloped oil fields.

EnQuest is the largest UK independent oil producer in the UK North Sea.  EnQuest’s assets include producing oil fields, major new developments and a portfolio of discoveries.  EnQuest is also building a presence in oil basins outside the UK North Sea, with substantial production from Malaysia.

 

Vision and Strategy

Welcome to EnQuest

Welcome to EnQuest

EnQuest is an oil and gas development and production company focused on turning opportunities into value by targeting maturing assets and undeveloped oil fields.

EnQuest intends to deliver sustainable growth by focusing on exploiting its existing reserves, commercialising and developing discoveries, converting contingent resources into reserves and pursuing selective acquisitions.

We believe that EnQuest has the right mix of capabilities for its business model, which is focused on development and production opportunities in maturing basins, which are not material enough for major oil companies.

Through its proven skills as an oil field operator, EnQuest delivers industry leading levels of production efficiency and of cost control, creating opportunities for it to add value to the assets it manages. EnQuest has the full spectrum of integrated technical capabilities needed to deliver new oil field developments successfully; combining subsurface, facilities planning and drilling. EnQuest has substantial operational scale.

EnQuest is the largest UK independent oil producer in the UK North Sea.  EnQuest’s assets include producing oil fields, major new developments and a portfolio of discoveries.  EnQuest is  also building a presence in oil basins outside the UK North Sea, with substantial production from Malaysia.

EnQuest delivered a strong operational performance in 2014, with production up 15%, EBITDA of $581 million and a 25 MMboe increase in reserves.  Our two major development projects are both progressing well; the EnQuest Producer has now left the yard and the Alma/Galia development is on track for first oil in mid-2015, Kraken is on budget and on schedule for first oil in 2017.

During the latter part of 2014, EnQuest acted quickly to counter lower oil prices, implementing a new hedging programme, significantly cutting 2015 cash capital expenditure and taking action across the board to reduce operating costs materially.  Consequently this year, EnQuest expects to deliver unit opex of c.$38/bbl, a reduction of  c.10% on 2014. Reducing cost and increasing efficiency is core to the EnQuest business model.

EnQuest is also set to benefit from the material increases in production from both Alma/Galia and Kraken in the next two years, delivering significant additional cash flow.  Despite the uncertain markets, we are well placed for the future.

Amjad Bseisu

Chief Executive
March 2015

Corporate Responsibility

At EnQuest, corporate responsibility is integral to the way we operate our business.

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