Welcome to EnQuest
Welcome to EnQuest
EnQuest is an oil and gas production and development 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.
In this low oil price environment, EnQuest’s priorities are to deliver on execution targets, to streamline operations and to strengthen the balance sheet.
EnQuest has the right mix of capabilities, which focus on production and development opportunities in maturing basins.
Through its proven skills, 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 and new developments. EnQuest is also building a presence in oil basins outside the UK North Sea, with substantial production from Malaysia.
In 2015, average production of 36,567 Boepd was up 31% year on year, above the 36,000 Boepd upper end of our guidance. This reflected high levels of operating efficiency and contributions from Alma/Galia and a full year contribution from Malaysia, which is now 25% of total production.
Since EnQuest’s Operations Update in December 2015, we have taken further action on costs and are delivering additional savings, with unit operating costs now expected to be in the range of $25-27/bbl for 2016 and into the low $20s per barrel after Kraken is fully onstream. The Kraken full project capex had already been reduced by c.$300 million and EnQuest has since made a further c.$125 million reduction. The development itself continues to make strong progress, in particular the critical path conversion programme for the Kraken FPSO vessel is on schedule for its departure from Singapore for commissioning and hook up, with production in H1 2017.
EnQuest’s high operating efficiency, great execution and low cost capabilities are essential for the challenges of the current market conditions