EnQuest to Focus on Cutting Debt as Profits Jump
North Sea focused oil producer EnQuest on Thursday committed to continue efforts to cut its $1.77 billion debt this year after reporting a jump in full-year profits on the back of increased production.Chief Executive Amjad Bseisu said, "We are committed to further reducing our debt, and expect our net debt to EBITDA (earnings before interest, tax, depreciation…
EnQuest Sees 20% Higher Oil Production in 2019
EnQuest expects to produce about 20 percent more oil next year as the indebted British North Sea producer strives to recover from a series of minor setbacks at its flagship field.The company said on Wednesday it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boepd) in 2019, compared with a forecast 54,000-56,000 boepd this year.EnQuest…
EnQuest's Kraken Oilfield Latest North Sea Boost
Field to produce 50,000 bpd at peak; Kraken welcome news for heavily-endebted EnQuest. EnQuest has started oil production from the Kraken field in the North Sea, the latest addition to the ageing oil and gas basin that has enjoyed a revival despite a drop in crude prices. The field, some 125 km (80 miles) east of the Shetland Islands, delivered its first oil on June 23 and is expected to produce 50…
Oil Producers Pounce on Price Uptick to Bolster Hedging
British-based oil producers have started to sell more oil and gas forward to lock in a small uptick in prices, as doubts grow that the market will ever return to the days of crude at $100 a barrel after a two-year rout. North Sea producers such as Ithaca, Tullow Oil , EnQuest and Premier Oil, whose balance sheets remain under pressure as a halving in oil prices in two years slashed revenues, have beefed up their hedging positions.
EnQuest CEO Pledges Own Cash to Clinch Restructuring
Restructuring deal gives EnQuest $410 mln liquidity boost; links cash bond interest payments to oil at $65 a barrel. The chief executive of EnQuest has pledged to buy up to $50 million worth of new shares in the North Sea oil producer, a move that clinched a broader restructuring deal for the company struggling with mounting debt. EnQuest, which had $1.7 billion in debt at the end of June…
EnQuest Seeking to Sell Stakes in North Sea Oilfields
Oil producer EnQuest is seeking to sell stakes in several of its North Sea assets in an effort to boost cash flow in the face of a dim outlook for oil prices. Chief Executive Officer Amjad Bseisu told Reuters the Aberdeen, Scotland-based company has launched a process to farm out a stake of 20 to 30 percent in the 4,450 barrel per day Heather/Broom field which it operates.
Private Equity Eying UK North Sea Assets
Private equity funds in talks to buy North Sea assets; rebound in oil prices accelerates process. High-profile oil and gas executives are teaming up with private equity funds seeking to invest billions in British North Sea assets and maximize profits by cutting costs, offering the ageing basin a badly needed lifeline. With an estimated $10 billion in their war chests…
EnQuest Reports Strong Production Growth
EnQuest reported its production from 1 January to 31 October 2014 averaged 27,567 Boepd, up c.19.2% on the same period last year. This reflects strong production from EnQuest's existing hubs and from the newly acquired assets in Malaysia and Tunisia, which produced 2,688 Boepd. EnQuest reiterates production guidance for 2014 of between 25,000 Boepd and 30,000 Boepd for the full year. * Alma/Galia.
Urgent Need to Cut Costs in UK North Sea
Britain's North Sea oil and gas industry faces a bleak future where more fields are likely to become uneconomic and shut in as platforms close - unless costs can be controlled, operators say. For some elderly platforms in the Northern North Sea, time is running out. If the industry does not get to grips with costs quickly, fresh investment is likely to dry up, forcing unsaleable rusting rigs to be abandoned.
EnQuest Eyes ExxonMobil Malaysia Assets
EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, agreed to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia. The agreement is subject to the approval of Petroliam Nasional Berhad (PETRONAS) and satisfaction of certain conditions precedent.
