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.
Waldorf Production’s chief executive has said the company remains hot on the trail of more acquisitions after inking a deal to buy stakes in the Catcher and Kraken fields from Cairn Energy.
Cairn Energy’s chief executive said today that the UK North Sea still offered “excitement and upside” for exploration and production firms.
Scottish oil company Cairn Energy has agreed to sell its stakes in the Catcher and Kraken fields in the North Sea to Waldorf Production for £330 million.
Profits at Bumi Armada jumped last year thanks to a strong showing from its Armada Kraken FPSO in the North Sea.
London-listed EnQuest said today it had completed the £13 million acquisition of a stake in the Bressay field from Equinor.
Scottish oil and gas firm Cairn Energy said today that its partners’ North Sea Catcher and Kraken fields were expected to “enter their natural decline phase” this year.
EnQuest said today its debt had risen and full-year production would be in the lower half of its guidance range of 57-63,000 barrels per day.
EnQuest bosses said today that the recent shrinking of the firm’s UK North Sea footprint was just part of the “natural cycle”.
This week’s oil price meltdown “won’t change” any short-term plans for Cairn Energy but could offer an opportunity, the Scottish oil firm’s boss said yesterday.
Shares in EnQuest climbed today despite the company indicating production would drop slightly this year in light of North Sea platform shutdowns.
Oil firm EnQuest said today that production should grow by about a fifth this year despite having to shut down two of its North Sea fields.
North Sea oil firm EnQuest has announced a significant surge in half year profits as its chairman steps down to be replaced by Martin Houston.
EnQuest has seen a 25% yearly boost to its oil and gas production thanks to strong performance from its North Sea operations.
Scottish oil firm Cairn Energy has said it has lived up to its production guidance for the first part of 2019 and hailed the performance of the North Sea Catcher field.
Malaysia’s Bumi Armada has announced plans to sell certain “idle” floating production vessels after a major debt restructuring programme.
The boss of North Sea oil producer EnQuest said yesterday he believed the region could yield further discoveries to extend its lifespan.
Cairn Energy’s chief executive has said costs around the Kraken project will not deter the firm from further investment in the North Sea.
Scottish oil firm Cairn Energy vowed to go after "material" exploration targets this year despite suffering losses of almost £1 billion in 2018.
EnQuest today denied that the reserves estimate for its Kraken field had been downgraded.