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…
EnQuest Shares Slump to Three-year Low
British oil firm EnQuest's shares slumped to a three-year low on Tuesday after Cairn Energy, its partner in its flagship Kraken project, cut its estimate of the oilfield's reserves by around a fifth.The Kraken oil and gas field in the British North Sea is EnQuest's largest producing asset. EnQuest holds around a 70 percent stake and…
DeltaTek Appoints Johnstone
Well construction specialist, DeltaTek Global, has announced the appointment of Chris Johnstone as Operations Supervisor.Johnstone will focus on managing well site operations offshore and helping to design and develop new technologies, and he will also be responsible for implementing an equipment maintenance system and subsequent procedures.Prior to his appointment…
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…
UK Terminal Closure Delays Some Brent Liftings
June Brent cargoes delayed at least 4-5 days; Sullom Voe still expected to reopen on Sunday. North Sea Brent crude cargoes for loading in May and June have been delayed due to the shutdown at the UK's Sullom Voe oil terminal, trade sources said on Friday, slowing supply of the crude which helps underpin a global pricing benchmark.
UK North Sea Output Could Resume its Decline
North Sea production has recovered slightly since 2015 as new fields, more drilling helped reverse declines. The UK North Sea is set to resume a two-decade decline in oil production next year, snapping a brief period of growth since 2015, consultancy Bernstein said in a report on Monday. Production in the North Sea, home to the Brent global crude benchmark…
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…
EnQuest Sticks to Annual Target as Oil Production Falls
North Sea-focused oil producer EnQuest said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it maintained its annual output target. The oil company also said its flagship Kraken oilfield in the North Sea was on track to begin producing oil before the end of June.
Production Vessel En Route to North Sea Kraken Field - EnQuest
The vessel needed to start production at EnQuest's Kraken oil field in the North Sea sailed away from Singapore on Nov. 23, the company said, indicating the oil field's start-up schedule remains on track. The field, one of the largest oil fields currently being developed in the North Sea, is expected to start producing first oil the first half of next year.
EnQuest: Kraken FPSO to Sail for North Seas
EnQuest PLC stated that following good progress on commissioning the water systems, the Floating, Production, Storage and Offloading (FPSO) vessel, Armada Kraken for the Kraken field development, is expected to sail away in the coming days, from deep water anchorage off the coast of Singapore, for the North Sea. The journey should complete around mid-January 2017.
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…
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 to Farm Out 20% of Kraken
EnQuest PLC has announced that it is holding discussions with Delek Group Ltd for the sale by EnQuest to one of Delek's subsidiaries of an interest in the Kraken development. EnQuest confirms that EnQuest and Delek have signed a non-binding memorandum of understanding and are working towards executing binding transaction documents.
For BP and Shell, North Sea Remains a Hard Sell
High costs, decommissioning hamper deals. When it comes to the North Sea, there is no such thing as an easy sale, even for oil giants Royal Dutch Shell and BP. More than any other region in the world, the North Sea has suffered greatly over the past two years as a 60 percent drop in oil prices, high operating costs, dwindling reserves and a tough tax regime has hit operators hard.
Energy Deals Elusive Despite $110 bln in Assets on the Block
Energy companies, including some of the world's biggest, could be forced to slash prices of more than $110 billion worth of assets they want to sell after dealmaking in oil and gas fields ground to a halt due to the volatile crude market. The values that buyers and sellers assign to assets, largely based on their view on the future oil price…
EnQuest: UK Tax Relief will spur North Sea Deals
EnQuest says will benefit from tax changes; shares up 24 pct. A change in UK legislation giving oilfield operators tax relief on decommissioning costs when they sell an asset will speed up such deals in the North Sea, producer EnQuest said on Thursday. Britain's finance minister announced the change on Wednesday to attract more buyers to squeeze as much oil and gas as possible out of old fields in the North Sea.
EnQuest, Cairn Take Additional Interest in Kraken
EnQuest PLC has acquired an additional 10.5 percent interest in the Kraken development for nominal consideration. The acquisition from First Oil PLC brings EnQuest's total interest to 70.5 percent. EnQuest and Cairn Energy PLC, the other current participant in the Kraken development, are both taking up First Oil's interests pro-rata, in proportion to their holdings prior to the transaction.
Kraken Oil Project Gets Custom Subsea Spreaders
Heavy lifting equipment and engineering specialist Modulift announced it has manufactured two custom subsea spreader beams for the subsea construction company currently conducting a large-scale engineering, procurement, installation and construction contract for EnQuest’s Kraken development, one of the largest subsea heavy-oil field projects under development in the U.K. sector of the North Sea.
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.
First Oil from Enquest's North Sea Field
Oil company EnQuest said on Wednesday its new Alma/Galia field in the British part of the North Sea had produced its first oil, two years later than initially expected. EnQuest said the field, located about 300 km southeast of Aberdeen, had begun production on Tuesday and it expected it to reach full capacity in early 2016. The start-up of the field ends a long delay…
