Production averaged 42 752 boe/d for the four months to the end of April 2016, up 39% on 2015; average production in April was 45 933 boe/d, benefitting from improving well performance at Alma/Galia. 2016 production from the rest of EnQuest’s North Sea fields was up 19% year on year, with Malaysia up 27%. This reflected continuing high levels of production efficiency.
Full year production guidance is reiterated at between 44 000 boe/d and 48 000 boe/d.
The Kraken development project continues on schedule. The Scolty/Crathes tie-back development is also on schedule. Drilling is ahead of programme and under budget. The Scolty well was as expected and the Crathes reservoir was ahead of expectations.
Alma/Galia production now has six production wells available. Average net production of 9017 boe/d was realised in April. Good uptimes are being delivered and average production volumes are expected to increase with performance enhancements such as acidisation being undertaken.
EnQuest is well on track to meet its cost reduction targets of delivering unit opex in the range US$25 – 27/bbl overall for 2016, and into the low US$20s after the Kraken development is fully onstream.
The time saved from the excellent drilling performance on Scolty/Crathes, has created the opportunity to accelerate drilling of the Eagle prospect into 2Q/3Q 2016.
As at 30 April 2016, EnQuest’s net debt was approximately US$1.63 billion.
EnQuest CEO Amjad Bseisu said:
“EnQuest continues to focus on its strategic priorities in this low oil price environment: strengthening the balance sheet, delivering on production and execution targets and streamlining operations. The targeted reductions in capex and opex announced in March are being realised, in conjunction with continuing excellent operational performance.
Production to the end of April, averaged 42 752 boe/d, up 39% year on year, with 45 933 boe/d in April, benefiting from the production rise of Alma/Galia. The production statistics show the breadth and depth of the operated asset base, with good performances across the board; Thistle and Heather/Broom delivered growth of 19% and 45% respectively. We reconfirm our production guidance for 2016 at between 44 000 boe/d and 48 000 boe/d.
EnQuest’s high operating efficiency and execution capability enable us to realise the optimal performance potential in maturing oilfields, with our low cost delivery vital in current market conditions.”
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/19052016/enquest-publishes-operational-highlights/