Waldorf Production dismissed suggestions the company is for sale, outlining a rise in production and cash flow amid an ‘improving’ outlook for North Sea M&A.
"The UK's oil and gas sector faces significant challenges and loss of competitiveness due to uncertainty following the adverse changes to the fiscal regime,” said EnQuest CEO Amjad Bseisu.
Waldorf Production has shed light on a raft of production issues that have hit several of its North Sea assets this year.
Major production issues at the North Sea Kraken FPSO have hit vessel owner Bumi Armada in the group's pocket.
Work to overhaul transformers on board the Kraken FPSO has restored production levels, according to an update from vessel operator Bumi Armada.
The Kraken FPSO is back to around 90% production following a hydraulic pump failure that caused work to stop earlier this year.
Bumi Armada confirmed that production at the Kraken FPSO has been shut in following a hydraulic pump failure.
Operator EnQuest (LON: ENQ) is to defer drilling at its Kraken field following last year’s changes to the North Sea windfall tax.
Westminster’s hopes of spurring North Sea spend in the coming years could be derailed by one fundamental issue: a lack of available projects.
Production from Cnooc’s Golden Eagle is “lower than expected”, the result of “higher than anticipated rates of decline”.
A vessel owner has been ordered to up its game after a raft of issues related to the monitoring and managing of alarms were uncovered on a North Sea ship.
EnQuest (LON:ENQ) has reported a 'good start to the year,' as it focuses on maintaining production and reducing debt, and intends to review its capex plans in the wake of new windfall tax investment incentives.
EnQuest has said its Kraken FPSO is “almost impossible to electrify” and is looking at creative alternatives to decarbonise the asset.
EnQuest has reported solid production performance for the year to date, as it continues with workover programmes in the North Sea and offshore Malaysia.
EnQuest (LON: ENQ) plans to carry out its largest sanctioned programme of work since 2014 in the coming year, with a range of drilling and decom in the pipeline.
Capricorn Energy expects to earn around £56 million on the back of higher UK production, following the sale of its North Sea interests to Waldorf Production last year.
Addleshaw Goddard has completed deal activity with a combined value of £1 billion in the last month, a record for the legal firm.
EnQuest has cut its production estimates for 2021 off the back of "challenging" issues at the Magnus and Kraken fields in the North Sea.
Cairn Energy (LON: CNE) has completed the £334m sale of its interests in the Catcher and Kraken fields in the North Sea to Waldorf Production.
Cairn Energy has updated its timeline for the £330m sale of its interests in the Catcher and Kraken assets in the North Sea.
EnQuest took a hit to its production in the first half of 2021 after a series of unplanned issues at Magnus, as well as a drop in output from its flagship Kraken field.
EnQuest has announced the completion of its acquisition of the Bentley field, one of the North Sea’s largest untapped discoveries, from Whalsay Energy.
A boss of the collapsed firm Xcite Energy, which used to own the Bentley discovery, has wished new operator EnQuest well on the project.
Bosses at EnQuest said yesterday they were confident of addressing natural production decline at the firm’s core oilfields, adding they have plenty of “ammo” left.
Exploration and production firm EnQuest managed to reduce its debt pile to its lowest level since 2014 and narrow its losses in 2020 despite the oil price slump.