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.
Exploiting our existing reserves - Dons, Thistle/Deveron, Heather/Broom, GKA, PM8/Seligi
In 2015, despite the positive impact of an additional 10.5% interest in Kraken (effective from 1 January 2016) and a reserve increase from revisions to estimates at PM8/Seligi, EnQuest’s production of 13MMboe, combined with the negative impact of lower future oil price assumptions, led to a net reduction of 4MMboe in EnQuest’s net 2P reserves.
Commercialising and developing discoveries - Scolty/Crathes
The sanction of the Scolty/Crathes development in 2015, built on the 2014 development planning, which had allowed Scolty/Crathes to be promoted to 2P reserves that year.
Making selective acquisitions and divestments - Egypt, Tunisia, Norway, Malaysia
In the context of low oil prices and, as part of its investment prioritisation programme, in 2015 EnQuest disposed interests in Norway, Egypt and Tunisia and sold its exploration assets in Malaysia. It also relinquished interests in a number of licences in the UK. No decrease to reserves was required as a result of these disposals. In Q1 2016, EnQuest acquired an additional 10.5% working interest in Kraken.
EnQuest's business model
Realising value through capability