EnQuest has stated a “great future” is in store for its Magnus platform after severing ties with West of Shetland gas.
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 said today that it is “on track” to refinance its senior credit facility, paving the way for it to complete a North Sea acquisition.
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.
EnQuest has insisted its day-to-day operations are not “materially affected” by the coronavirus outbreak.
Shares in EnQuest climbed today despite the company indicating production would drop slightly this year in light of North Sea platform shutdowns.
EnQuest has seen a 25% yearly boost to its oil and gas production thanks to strong performance from its North Sea operations.
North Sea oil firm EnQuest has confirmed it will change rota patterns for hundreds of its offshore workers.
Dozens of Petrofac workers have this week transferred over to North Sea operator EnQuest.
EnQuest today reported a near-50% increase in production across the group last year, and predicted a 20% jump in 2019.
EnQuest's £230 million acquisition of the remaining 75% interest in the Magnus oil field from BP has been completed.
EnQuest bosses said today that the company had received the all-clear from shareholders to increase its stake in the Magnus field.
EnQuest bosses said yesterday its acquisition of 75% of the Magnus field, giving it 100%, would deliver a huge “step change” for the oil firm.
Oil firm EnQuest said today that it would exercise an option to buy the remaining 75% interest in the Magnus field from BP for £230 million.
North Sea oil producer EnQuest said today it had managed to knock down the cost of its Kraken field project, which started producing in June.
A manager at EnQuest said yesterday that the company felt “blessed, not cursed” after completing a deal to become operator of another North Sea field and a major oil terminal.
EnQuest became the operator of another North Sea field and a major oil terminal today.
Workers are being removed from a North Sea platform over ongoing problems with diesel contaminating its water supply.
Investigations are ongoing on a BP operated North Sea platform to try and find out how diesel contaminated part of the installation's water supply.
Offshore workers were banned from drinking the tap water on their platform after it was found to be contaminated with diesel – but were told to keep showering in it.
Private equity is not a major player in oil and gas yet, but recent entries could signal a shift in the funding of companies and projects, a corporate lawyer has said.
EnQuest made a marginal profit last year after streamlining its operations by reducing overheads and increasing production.
An Aberdeed-based offshore firm has pledged to extend the life of one of the North Sea’s oldest oil fields after taking over from BP as operator of the Sullom Voe terminal.
BP this morning confirmed it had sold off a significant slice of its North Sea Magnus field to Enquest for $85million.