EnQuest has announced that it will not re-start production at the Heather and Thistle/Deveron fields in the North Sea. In the first year of operation, we successfully reduced operating costs at the terminal by around 25% to approximately £150 million. Chrysaor will pick up offshore assets that produced about 72,000 barrels of oil equivalent per day. EnQuest is focusing investment in the North Sea on assets which it reckons have long term potential, including the giant Kraken field off Shetland.
Boepd produced in 2018 In the BP/Enquest transaction, given that BP has retained decommissioning liabilities associated with the assets the issue of Enquest providing security appears to have been moot. EnQuest shares are included on the main list of the London Stock Exchange and the firm holds a secondary listing on Nasdaq OMX Stockholm. Magnus has significant potential, with only around half of the c.2 billion barrels of oil equivalent in place recovered at the end of 2018.The Sullom Voe Terminal is one of the largest oil terminals in Europe.
Published by In 2021, the Group is targeting unit operating expenditures of approximately US$15/Boe. It now looks as if production will not re-start at the mature Heather and Thistle/Deveron fields in the UK northern North Sea, which collectively generated around 6,000 boe/d last year. These savings are driven primarily by cost savings at Heather and Thistle/Deveron, but also through the removal of non-critical and discretionary operating expenditures and support costs.2020 cash CAPEX is also expected to be reduced by approximately US$80 million to approximately US$150 million. The Dons fields were the first to be owned by EnQuest following its formation in 2010 from the demerged UK North Sea assets of Petrofac and Lundin. EnQuest has been reassessing its North Sea assets and related spending plans in light of the current lower oil price.. The asset is of strategic importance to EnQuest, receiving around one-third of the Group’s UK North Sea production. Kraken forecast gross production remains unchanged at 30 000 to 35 000 boe/d.For 2020, the Group is targeting base operating expenditure savings of approximately US$150 million, which would lower operating costs by approximately 30% to approximately US$375 million.
A spokeswoman for Petrofac said: “EnQuest decided at the end of 2018 to take these roles in-house and the process concluded yesterday following a safe and smooth transition.” It comes after EnQuest announced a review of rota patterns for several North Sea assets in February to help streamline the business. EnQuest is a production and development company, with operations in the UK North Sea and Malaysia. Strong production supports full year 2020 guidance with forecast free cash flow breakeven unchanged at c.$33/Boe It also has a presence in Malaysia. EnQuest PLC was formed in 2010 through the combination of the UK North Sea assets of Petrofac and Lundin Petroleum. In 2014, the Group acquired its interests in Malaysia.
Task force on climate-related financial disclosures ('TCFD') The Group’s Northern North Sea operations include its Thistle/Deveron, the Dons, Heather/Broom and Magnus assets, as well as the onshore Sullom Voe Oil Terminal (‘SVT’).