Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Full speed ahead for EnQuest

EnQuest's new North Sea HQ
EnQuest's new North Sea HQ

Work on EnQuest’s new North Sea headquarters in Aberdeen is proceeding as planned despite the firm’s plunging share price and oil and gas industry woes.

It is understood that there is no threat to the development in the heart of the Granite City, where EnQuest’s new north-east home – Annan House – is taking shape.

It is part of a bigger project, known as The Grande, which is helping to regenerate a long-neglected part of Aberdeen.

More than 26,000 square feet of Annan House has already been released to the market for other potential tenants as the transformation of the site continues.

Sources told the P&J that EnQuest’s own plans to move in later this year were unaffected by the troubles now plaguing the offshore industry since oil prices tumbled to less than $50 a barrel.

Oil majors and service companies have announced hundreds of job cuts as they grapple with the falling crude prices, which have added to pressure they were already facing from spiralling overheads and uncertainty about taxes.

Energy shares have taken a battering in recent weeks, with EnQuest one of the biggest victims on concerns among investors that it will struggle to meet its banking commitments.

The value of EnQuest’s stock has plunged by more than four-fifths since last summer, wiping hundreds of millions of pounds off the shares, despite the firm having in excess of 80% of its production hedged at oil prices in the high $80s.

Despite speculation about its financial health and talk of imminent job cuts, the Press and Journal understands the company expects to satisfy its debt repayments.

EnQuest, which describes itself as the largest UK independent oil producer in British waters, also has a big jump in production to look forward to this year.

Output from the Alma/Galia central North Sea development – due onstream in mid-2015 – is expected to add 13,000 barrels of oil equivalent (boe) a day to the 27,500 boe average for most of 2014.

The Kraken field – a “cornerstone” of EnQuest’s long-term production portfolio and estimated to contain about 140million barrels – is on schedule for first oil in 2017.

In November, chief executive Amjad Bseisu said the firm was in the midst of planning its capital expenditure programme for 2015 and would set out the details alongside full-year results in March.

EnQuest, which was formed in April 2010 after energy service giant Petrofac decided to hive off its North Sea oil and gas assets and integrate them with those of Lundin Petroleum, currently employs about 500 people across two separate sites in Aberdeen.

Its new building, which is bounded by Palmerston Road, Raik Road, Poynernook Road and Stell Road, will allow the company’s north-east staff to work under one roof.

The moniker Annan House was chosen in line with the firm’s policy of naming North Sea assets after Scottish rivers and locations such as Don, Deveron and Cairngorm.

Fore more oil and gas news from Europe click here.

Recommended for you

More from Energy Voice

Latest Posts