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EnQuest

Markets

EnQuest sees production increase by 20% in Q1

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.

Oil & Gas

EnQuest shift pattern move could see headcount reduction of up to 146

A consultation by EnQuest into changes in shift patterns for offshore workers could mean a reduction in headcount of more than 100 contracted employees. The oil firm, had previously announced to staff it was considering a move to a three on, three off shift pattern, in line with a number of companies including Shell and Chevron. A consultation period is currently being carried out and is expected to last around 30 days. The move could see companies including KCA Deutag, Petrofac and Sodexo see a reduction in headcount of up t0 146 staff in total used by the operator . This total includes nine EnQuest jobs previously announced.

Oil & Gas

Enquest to consult on three on, three off shift rotation

North Sea operator Enquest has told staff it plans to change the shift patterns of its offshore workforce as well as implement job cuts. Staff were contacted yesterday to hear about the firm’s plans to implement a three weeks on, three weeks off shift rotation. The company has also launched a 45-day consultation in an effort to cut jobs from amongst its estimated 500-strong North Sea workforce.

Markets

Enquest cuts capital expenditure for 2015

Enquest has cut its spending for the year to $600million as a result of falling oil prices during the past seven months. The company said it had renegotiated its credit facility covenants as well as its capital expenditure. It is also working with contractors and the supply chain to achieve further cost savings.

Europe

Full speed ahead for EnQuest

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.