EnQuest’s exploration strategy takes on one of the principal challenges presented by the UK North Sea: maximising hydrocarbon recovery from a mature basin.
The strategy balances investment and risk, focusing on low cost, near field exploration and appraisal projects with reasonable chances of success.
Based on the principle of using the existing offshore infrastructure to target smaller accumulations, our exploration activities draw on the flair and experience of technical teams with a proven ability to instigate the conversion of prospects into proven reserves.
While not EnQuest’s prime business focus, exploration offers growth potential characterised by low risk and low levels of initial investment.
Focus on hubs:
- Maximising production and exploiting upside potential
- Infill drilling
- Extending field life
- Hub focus reduces costs
Near-field appraisal and exploration:
- Relatively low risk and low cost
- Commercialising and developing discoveries
- Converting contingent resources into 2P reserves
Adding to our existing asset base
- Acquisitions of assets and companies
- Licence rounds
- Farm ins