EnQuest, a production and development company, with operations in the UK North Sea and Malaysia, has provided an update on its operational performance, decommissioning business and for the year 2021.
The company also reported that its debt reduction continues with strong cash flow and improved macro conditions.
EnQuest chief executive, Amjad Bseisu, commented, “Our decommissioning business performed better than expected, while our emissions were 45.7% below the North Sea Transition Deal 2018 baseline, and close to the 2030 target of 50%. I am very pleased we are industry-leading in emission reductions and am excited about our new energy initiatives around Sullom Voe.
“The supportive macro environment and higher oil prices allow us to look forward to organic growth to offset natural declines. We remain focused on continuing to reduce our net debt while selectively investing in our low-cost, quick payback well portfolio. At the same time, we will continue to be disciplined with respect to M&A opportunities.
“EnQuest’s business is strongly positioned to play an important role in the energy transition. We will do so by responsibly optimising production, leveraging existing infrastructure, delivering strong decommissioning performance and exploring new energy and further decarbonisation opportunities.”
The company also reported that during the year, a production enhancement programme, including a coil tubing intervention campaign was undertaken, restoring four wells to production. Repairs to a compressor gearbox failure which resulted in single train operations during much of the fourth quarter of 2021 were completed and both trains are now in operation.
