Business
December Operations Update
EnQuest PLC expects to meet all 2025 guidance targets, with year-to-date production averaging 45,487 Boepd and full-year production anticipated at or above the upper end of the 40 to 45 Kboed range. The company successfully completed its Seligi 1b gas project in Malaysia nine months ahead of schedule, with full production expected in January 2026, contributing approximately 6.0 Kboed. Total group expenditure is projected to be in line with guidance at around $700 million, despite a weakening US dollar. EnQuest also secured a new $800 million Reserves Based Lending facility, enhancing liquidity and providing transactional capacity and decommissioning security. The company has hedged approximately 3.3 MMbbls of oil production for 2026 at an average of $69/bbl. Disclaimer*
About this update from Enquest Plc
[{"type":"text","content":"\n\n \n \nEnQuest PLC, 17 December 2025\n \nQ4 Operations Update\n \nEnQuest Chief Executive, Amjad Bseisu, commented:\n\"EnQuest continues to demonstrate operational excellence across our portfolio, both in the UK North Sea and South East Asia, and we expect to again deliver against all 2025 guidance targets.\n\"We are pleased to announce that delivery of gas on our Seligi 1b project in Malaysia was achieved in December, nine months ahead of schedule, with full production expected in January 2026. This accelerated delivery underlines EnQuest's commitment to investing in quick payback projects in lower-cost jurisdictions, with the added benefit that the Production Sharing Contract mechanisms across our South East Asia business provide natural protection against lower commodity prices.\n\"In the UK, the Autumn Budget Statement was a disappointment for the North Sea oil and gas sector. However, EnQuest remains a top-quartile operator and holds significant UK tax losses, which are important components in the ongoing consolidation of the North Sea. This, combined with the geographic diversification that we continue to deliver through rapid expansion in South East Asia, confirms that EnQuest's growth strategy remains robust and provides a platform from which to maximise shareholder value.\n\"With the enhancement of the Group's liquidity through our new $800 million RBL facility, we are reaffirming our intent to deliver value-accretive growth, both in the UK and across South East Asia, as our highest priority.\"\n \nFull Year 2025 Guidance - operational and investment highlights\nGroup production for the YTD 30 November has averaged 45,487 Boepd, and 2025 full-year production is expected to be at, or above, the top end of the Group's guidance of 40 to 45 Kboed (figures including pro forma Vietnam volumes). Production efficiency to the end of November averaged 89%.\nEnQuest has successfully completed a range of investment projects in the year. Total Group expenditure is expected to be in line with 2025 guidance on cash capital, operating and decommissioning expenditure (which totalled c.$700 million on an aggregated pro forma basis). This was achieved despite the significant weakening of the US Dollar in 2025.\nIn Malaysia, EnQuest has completed the Seligi 1b gas expansion project, nine months ahead of schedule...