Business
EnQuest May Operations Update
EnQuest May Operations Update.
About this update from Enquest Plc
[{"type":"text","content":"\n\nEnQuest PLC, 24 May 2023\nOperations update\nGood production performance year to date; full year guidance remains unchanged\n \nEnQuest Chief Executive, Amjad Bseisu, commented:\n\"EnQuest has continued to deliver strong operational performance across our operated portfolio during the early part of the year, with production to the end of April above the top end of 2023 guidance.\n\"Production enhancement at Magnus is continuing, following the successful execution of our 2022 planned shutdown and well programme, including the drilling of North West Magnus well. We are now drilling the North West Magnus injector well, which is expected to come online at the end of May. We expect to drill two further infill wells later in 2023.\n\"We have improved asset reliability and integrity across our operated assets, resulting in delivery of strong uptime across our portfolio, including production efficiency of c.89% at Magnus, c.94% at the Greater Kittiwake Area and at Kraken, where we continue to deliver top quartile FPSO performance, and over 92% at PM8/Seligi in Malaysia.\n\"We are building a strong track record in decommissioning with 24 well abandonments executed at Heather and Thistle last year and another 23 well abandonments planned for this year, while we have also reached an important milestone in the Thistle project by awarding the contract for the topsides and jacket removal and disposal to Saipem.\n\"We are also making good progress in respect of our new energy and decarbonisation plans at the Sullom Voe Terminal and I was very pleased to receive the offer of four carbon storage licences as part of the first round of UK sequestration licences issued by the North Sea Transition Authority.\n\"In response to changes in the UK Energy Profits Levy, we are optimising our capital allocation by prioritising organic investments with quick pay backs while remaining focused on deleveraging and pursuing accretive M&A opportunities.\"\nOperating performance\n§ Average Group production in the four months to end April 2023 was above the top end of our guidance range at 47,725 Boepd, based upon strong uptime across the portfolio\n§ The 2023 Magnus well work programme is underway, with three wells returned to service following P seal repairs/replacement. The North West Magnus injector is progressing well and is expected ...