EnQuest buoyed by rise in production

EnQuest said it was making the most of the low oil price environment
EnQuest said it was making the most of the low oil price environment
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North Sea explorer EnQuest today said it was confident of growing production by a third next year as it unveiled a jump in second-half output.

The firm said production averaged 35,022 barrels a day to the end of November, up 26 per cent on the same period last year. Between July and November, output jumped 39 per cent year-on-year to 41,360 barrels, and on 18 November, EnQuest delivered its first individual day’s production total of more than 50,000 barrels.

Chief executive Amjad Bseisu said: “EnQuest is addressing its priorities in this low oil price environment: delivering on production and execution targets, streamlining operations and strengthening the balance sheet.

“At the mid-point of our guidance ranges for 2015 and 2016, we are now forecasting a further 33 per cent growth in production next year, before Kraken and Scolty/Crathes come onstream.”

The huge Kraken project, east of Shetland, is scheduled to produce first oil in the first half of 2017, as is the Scolty/Crathes development, about 100 miles east of Aberdeen.

• Aberdeen-based energy services firm Wood Group said it has secured a multi-year engineering contract with ConocoPhillips, covering the Darwin liquefied natural gas plant in Australia and the Bayu-Undan gas field south west of Timor-Leste.