EnQuest

EnQuest is pleased to announce an expansion of its Seligi gas agreement, with the award to develop an additional 155 Bscf (c. 27 million barrels of oil equivalent) of Seligi field gas resources.   The agreement enables EnQuest and its partners to develop and commercialise the non-associated gas resources in the PM8E PSC contract area and, in line with expected demand, supply around 70 mmscf per day of sales gas. Note: With a 50% equity share, this represents c. 35 mmscf per day net to EnQuest, which equates to c. 6,000 boepd.   EnQuest will produce the additional gas by modifying its existing infrastructure, with low levels of development capex required to deliver new volumes into the Peninsular Malaysia gas system and will help the nation meet its increasing energy needs. With first gas from the project expected in 2026, these volumes will increase the gas component of EnQuest’s production, which aligns to the Group’s strategic aim to reduce its overall carbon intensity.   Commenting on the agreement, EnQuest Chief Executive Officer, Amjad Bseisu said: “I am pleased with the signing of this agreement, which enables EnQuest to develop and supply non-associated gas through our existing infrastructure. We look forward to collaborating with our partners in delivering on our commitments and we thank PETRONAS for their continued trust and confidence. Malaysia is a key area for EnQuest’s growth strategy, and this agreement complements the signing of the DEWA Complex Cluster SFA PSC in October this year.”   You can read more below:

EnQuest had an opportunity to participate in the Graduate Careers Event organised by STEM Women in Glasgow. The STEM Women event served as a unique opportunity for the EnQuest team to connect with talented female students and recent graduates from a range of STEM disciplines, and discuss the enormous benefits and opportunities of working for an energy company like ours. EnQuest is committed to fostering diversity and inclusion within the industry. By engaging with bright minds at such events, we aim to inspire and recruit the next generation of female professionals who will drive innovation and excellence in the energy sector.

EnQuest is pleased to announce that our Donna Sutherland, Head of Commercial - Veri Energy, is speaking at the Offshore Energies UK (OEUK) Conference 2024 on the ‘Powering Our Energy Future: Secure, Sustainable, Skilled’ panel tomorrow at P&J Live, Aberdeen at 10:30am. Join us and Donna to hear about the opportunities and risks we see as we support energy security and the UK’s journey to Net Zero. #climateinvesting #energytransition #oeuk #carbonstorage #renewableenergy #hydrogen

EnQuest is delighted to announce that we have been shortlisted as a finalist for two Offshore Energies UK (OEUK) Annual Awards: - OEUK People and Culture Award 2024 and - OEUK Excellence in Decommissioning Award 2024 Our people and the differentiated capabilities they possess are at the heart of everything we do. EnQuest fosters a culture of teamwork, innovation, and resilience and these nominations are a further validation of the great work delivered across the organisation. We look forward to joining our fellow nominees and peers across the sector at the OEUK Annual Awards ceremony! #EnQuest #OEUKAwards24 #OEUK #OEUKEvents

EnQuest is delighted to have reached an agreement with joint venture partners to expand its decommissioning management role to encompass the full scope at the Greater Kittiwake Area. This agreement recognises EnQuest's ability to deliver safe sector-leading decommissioning performance, building on the expertise displayed through execution of complex decommissioning projects, including the removal of the EnQuest Producer and Northern Producer facilities and the ongoing and extensive well plug and abandonment (‘P&A’) scopes at the Thistle and Heather fields at 40% below benchmark costs. EnQuest is on track to complete the P&A of 77 wells, which represents 60% of the Group's operated suspended and shut-in wells, within five years of cessation of production. You can read more here

This morning, Thursday, 5 September 2024, we announced EnQuest’s results for the half year to 30 June 2024. EnQuest Chief Executive, Amjad Bseisu, said: “EnQuest has continued to deliver strong uptime performance across our portfolio in the first half of the year, with production to the end of June averaging 42.8 Kboepd. With positive free cash flow generation and the cash completion of the Bressay farm down deal, the Group has continued to delever its Balance Sheet, with EnQuest net debt reduced to $321 million at 30 June. We have a significant work programme in the second half of the year, including drilling at Magnus, continued capital investment in Malaysia and decommisioning at Heather and Thistle. We remain on track to plug and abandon 60% of our suspended & shut-in wells across the portfolio by the end of 2024. At the Sullom Voe Terminal, we are progressing the transformative New Stabilisation Facility project and, through Veri Energy, we continue to advance our new energy and decarbonisation projects. “We are disappointed with the ongoing application of the Energy Profits Levy despite operating in an environment where no windfall conditions exist. The current fiscal regime is causing irreversible damage to an indigenous and strategically important UK industry. The UK energy industry needs a progressive tax regime that recognises the maturity of the North Sea and re-establishes the UK as a globally competitive investment basin. The oil and gas sector is the key to a Just Energy Transition, protecting the skills, jobs and resources required to deliver the decarbonisation projects of the future and, with stability and the right fiscal stimulus, can deliver material UK economic growth through billions of pounds of investment-ready projects. EnQuest has to date invested over £4 billion in the UK and has the capacity and opportunities to do so again. “The Group’s growth strategy remains robust, with a focus on delivering a transformative UK acquisition; utilising our differentiated operating capability and significant tax asset to deliver material incremental value. Given the prevailing tax regime, we are targeting UK portfolios with limited capital reinvestment programmes. Internationally, we are working on a number of growth opportunities in South East Asia where the return on capital investment is compelling. The work we have done over the past seven years to strengthen our balance sheet gives us choices, and we will continue to make value-adding strategic decisions for our shareholders.” You will find further details of our Half Year Results for 2024 on our website. https://lnkd.in/e5hRypy

Pleased to announce that Donna Sutherland, Business Manager - Infrastructure and New Energy, will be a guest speaker at the upcoming event hosted by the Association for Black and Minority Ethnic Engineers. Don't hesitate to sign up at the link to join the event.

EnQuest was delighted to support OEUK's Economy & People Breakfast Briefing, with our Infrastructure & New Energy Manager, Donna Sutherland, participating in a panel discussion and highlighting the significant opportunities for our sector to play a major part in delivering a just energy transition in the UK. #homegrownenergy #justenergytransition #EnQuestteam

Delighted to announce Donna Sutherland, Manager - Infrastructure & New Energy, will be a panelist at the upcoming OEUK Economy & People Report Breakfast Briefing at the P&J Live in Aberdeen on 18 June 2024 #EcoAndPeople; #OEUKEvents

This morning, Thursday 30 May 2024, EnQuest provided an operations update. Commenting on performance, EnQuest CEO Amjad Bseisu, said: “EnQuest has continued to deliver strong operational performance across our operated portfolio during the early part of the year, with production to the end of April averaging 43.6 Kboed (above the mid-point of guidance). “We continue to achieve top quartile production efficiencies across the portfolio, while our high performing decommissioning team continues to deliver sector leading performance, having completed ten well plug and abandonments in 2024 across Heather and Thistle. “We are also making good progress in respect of the major right-sizing projects which are underway at the Sullom Voe Terminal, with the new stabilisation facilities expected to be online early next year. “During this period of political and fiscal uncertainty, we remain actively engaged in efforts to advocate on behalf of the sector and the 200,000 jobs which it supports to create an environment which supports investment in the UK’s delivery of energy security, decarbonisation and a just energy transition. “Following the commencement of EnQuest’s inaugural shareholder returns programme in April and with the foundations set for a pivot to growth during 2024, we are focused on delivering that growth through transformative acquisitions; utilising our differentiated operating capability and advantaged tax position to accrete value.” To see full details, please visit our website: https://lnkd.in/e5hRypy