EnQuest saw its shares rise almost 25% yesterday after it confirmed it had sufficient funding to complete its major North Sea Kraken development and it has successfully shaved costs from operations.
A change in UK legislation which gives oilfield operators tax relief on decommissioning costs when selling an assets could help speed up North Sea deal, according to EnQuest.
EnQuest has reportedly drafted in help to manage its debt portfolio as it battles a depressed oil price environment.
EnQuest non-executive director Jock Lennox has been appointed as a director of house builder Barratt Developments. He will take up the role in July.
The head of the NSRI (National Subsea Research Initiative) has warned that more than a billion barrels of oil could remain locked in the North Sea unless a new approach is taken to develop small pools in the region.
Administrators have begun the task of securing what they can following the demise of Aberdeen oil company First Oil.
Oil and gas operator EnQuest is axeing 45 roles, including directly employed staff and contractors, in Aberdeen.
Unlocking untapped oil reserves in small pools in the UK North Sea could land as a $20 billion prize for the oil and gas industry according to a senior executive.
The Steam Oil Production Company is set to acquire 100% interest in of one Enquest's North Sea licences.
Petrofac has landed UKCS contract extensions, totalling $400million.
Enquest reached a major production milestone, delivering its first individual day's production total of more than 50,000 barrels.
KCA Deutag has confirmed that 69 jobs are at risk on its EnQuest operations.
EnQuest has confirmed it has produced first oil from its Alma Galia development.
Two of the North Sea’s biggest oil explorers have warned there could be a further 10,000 jobs losses in the oil and gas industry. Both Amjad Bseisu, chief executive of EnQuest, and Premier Oil’s chief executive Tony Durrant said the industry was making the expectation as the decline in oil price continues. Industry body Oil & Gas UK has reported up to 5,500 jobs have been affected in the last year.
The boss of UK independent oil producer Premier Oil said he does not see a viable long-term future for the North Sea - unless collaboration goes to a whole new level.
The industry's built-in desire to deliver over-engineered solutions has to end if the North Sea is to enjoy a long and profitable future, a leading industry figure has claimed.
Enquest, the largest UK independent producer of oil in the UK sector, has agreed the sale of its new North Sea headquarters in Aberdeen for £45.1million.
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The North Sea is still a good return on investment, according to an industry boss. Enquest’s president for the North Sea, Neil McCulloch, said the sector was still very much open for business. The company leader spoke to Energy Voice as it confirmed a 20% slide in earnings. Despite the dip, Enquest’s North Sea assets posted a strong return with its Kittiwake Area (GKW) increasing production efficiency by 87% in the first half of the year.
A 50% drop in oil price has seen Enquest take a 20% financial hit.
Lime Petroleum Norway has extended an agreement with EnQuest Norge to acquire their 50% stake in each of the PL760 and PL760B licenses. The company is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.
Two companies are leading the way as they look at production efficiency challenges and how they can be overcome in the North Sea oil and gas industry. In a new whitepaper, both EnQuest and Wintershall explain how they are also working on future considerations and development plans within the UKCS.
Oil major Shell is expected to move to a three on, three off shift pattern at the start of 2016. The company previously revealed it was in consultation with staff over the move, which is in line with a number of companies including Chevron and EnQuest.
Cash-strapped oil and gas explorer EnQuest is set to raise £50million through the sale of its new headquarters building in a deal that was struck just weeks before staff move in.
EnQuest said production has rose 20% in the first four months of the year. The increase was largely due to a strong performance at its Malaysian asset, the oil producer said. Production rose to 30,768 barrels of oil equivalent per day (boepd) for the four months to April, from 25,597 barrels a year earlier.