Production figures15 Dec 2025 12:36
Hi!
Steve,
One thing I don't understand is why you keep bringing up -25 year numbers for EnQuest when it's actually the running numbers that matter.
Vietnam has only contributed in H2 but makes a big difference for -26.
Magnus will also do that as it performed fantastically well during H2 in addition to the 5v breakdown at Ninian.
I dug up the source for the production figures (Seligi) which quite clearly shows where on the scale the gross production would be for a number of years to come without major planned changes.
https://www.enquest.com/fileadmin/content/statements_reports_presentations_and_general_PDFs/Enquest/2019_CMD/EnQuest_CMD_vF1.pdf Page 21, 23
A major change has taken place in the present and it is Seligi's gas that has received a new contract, for a period of c. 7 years, with extraction starting in Q1 -26.
The contract will probably be renegotiated the year before it ends and depending on the availability of gas in the area, it will probably be raised so that increases can take place.
The figures presented are net, the production at Seligi is about double, and then you also see how the contract works and how it is supposed to work.
Of course, Opex and/or capex can be other than proposed (10 and 8 /barrel, respectively) but for example 12-10 does not lower EnQuest's profit, but on the contrary increases it as RC causes the percentage of contractshare% to increase to 40%.
It is because they reward investments and that they profit from it in the longer term, but to decide what to invest, it is necessary, I think, 65% in the decision committee where Petronas with its share makes the decision.
−26
Production /d 22,000
Oil & gas price 65.0
Rev 521 950 000
Royalty 52,195,000
PSC pot 469,755,000
Opex 80,000,000
Capex 64,000,000
Cap/Op tot 144,000,000
RC 30%
R/C max 156,585,000
Deduct RC 144,000,000
Profit oil 325,755,000
Contr. share % 30.00%
EnQuest part 97 726 500
Tax 38%
Profit 60,590,430
Net / boe 15.09
SEA will be good areas to put capex on as the oil price is low but the earnings for investments are quickly collected.
Vietnam adds a little more on a full-year basis and gives a little better pay/boe.
Dewa starts under -27 and also gives slightly better /boe than Seligi.
Regarding both Brunei and GAEA, the contracts do not really "play" but I have taken what I have come across, the real contracts will be presented by the company later, as they are not public yet.
The figures shown for these two are thus mostly an attempt to show what a contract can provide.
For GAEA (Indonesia), there are two types of contracts used where the first example is traditional and the second example is the most used for current.
In the newer type, it is calculated as gross-split (GS) and no settlement for royalty or expenses is made directly.
https://docs.google.com/spreadsheets/d/1o6aC9RcayUT_O1UfBf3sbNgWrWSHxDVlOy98MmK6i1w/edit?usp=sharing
This make me a LTH and buyer.
Regards
Kamrat
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