20th Jun 2016 06:36
LONDON (Alliance News) - Oil and gas operator EnQuest PLC on Monday denied reports over the weekend that it was in talks with the body that regulates the UK oil and gas industry about possible contingency planning.
A report in The Daily Telegraph suggested the Oil & Gas Authority was mulling plans to provide support to EnQuest, which is developing the Kraken field in the East Shetland basin.
EnQuest said in May it was holding talks with lenders on possible asset sales and cost-cutting measures as it seeks to cut its debt pile in the face of the challenges facing the oil and gas industry.
On Monday, EnQuest responded to the article and said it routinely engages with the Oil & Gas Authority, and with the UK and Scottish governments on industry matters, but was not involved in any "company-specific discussions such as were implied by the article".
By Sam Unsted; [email protected]; @SamUAtAlliance
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