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EnQuest production down 30% in first quarter amid weakness at Magnus

Wed, 12th May 2021 11:01

(Alliance News) - EnQuest PLC on Wednesday reported lower oil output in the first quarter of 2021 but said it is on track to achieve its full-year outlook.

The petroleum exploration and production company said average net production in the four months to the end of April was 46,158 barrels of oil equivalent per day. This was lower than 65,938 barrels of oil equivalent per day reported a year ago.

EnQuest noted that production at Magnus oil field in the UK's North Sea has been lower than expected, reflecting power and third-party outages and slower execution of the well intervention program.

"While Magnus performance has been below expectations, we have a number of activities planned for the rest of the year to optimise production," said Chief Executive Amjad Bseisu.

The company noted that multiple production adding projects across its assets continue to be developed and implemented, underpinning full year guidance. EnQuest said its 2021 guidance range remains unchanged at between 46,000 and 52,000 barrels of oil equivalent per day.

EnQuest shares were trading 0.9% higher in London on Wednesday at 17.40 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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