15th May 2015 07:00
LONDON (Alliance News) - EnQuest PLC Friday said production in the first four months of 2015 was below its guidance but up from a year earlier as a decline in production from its North Sea projects was offset by its recently acquired Malaysian project.
The oil and gas company said production in the four months ended April 2015 was below guidance, averaging 30,768 barrels of oil equivalent per day, but this is up 20.2% from the same period a year earlier. EnQuest reiterated its full year production guidance of 33,000 to 36,000 barrels of oil equivalent per day.
If EnQuest can hit the mid-point of its full year production guidance of around 34,500 barrels of oil equivalent per day, that would represent around a 24% year on year rise.
In the period, production from the UK Continental Shelf in the North Sea fell to 22,601 barrels of oil equivalent per day from 25,597 barrels per day, but this fall was offset by the Seligi field in Malaysia which produced 8,167 barrels per day, which the company acquired in March.
The floating production, storage and offloading vessel for the Alma/Galia development in the North Sea has been moored on location, and the project remains on track to produce first oil in the middle of 2015, it said in a statement.
The Kraken development, also in the North Sea, is also on track and on budget to produce first oil in 2017.
"EnQuest's two major development projects continue to progress well. Across the business, we continue to implement our programme of cost reduction, improved efficiency and capital expenditure rationalisation," said Chief Executive Amjad Bseisu.
By Joshua Warner; [email protected]; @JoshAlliance
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