EnQuest has cheered strong production growth as its North Sea oilfields exceeded expectations, allowing the oil driller to reduce its debt.
The oil and gas field energy operator told investors that group production rose 25 per cent year-on-year in the opening four months of 2019, reaching 69,973 barrels of oil equivalent per day (Boepd).
This was driven largely by increased output from its Magnus operation, located 160 kilometres north-east of Shetland. EnQuest said output at the field continues to outperform expectations, pointing to “high production efficiency, reservoir management, well interventions and plant debottlenecking” .
Performance at the Kraken field – the largest single asset in EnQuest’s portfolio – also significantly improved, with higher production efficiency delivering gross average production above 33,000 Bopd in March and April.
EnQuest chief executive Amjad Bseisu said: “The group has made a good start to 2019. Production is towards the top end of our full-year guidance range, our capital programme is on track and we have continued to generate strong cash flows and reduce our debt.
“Good progress is being made on our pipeline projects and preparations for drilling at Magnus and PM8/Seligi are underway.
“As such, we remain confident of achieving our group’s 2019 production guidance of 63,000 to 70,000 Boepd.”