North Sea-focused independent EnQuest reported Wednesday that its production improved by 6.2 percent to an average 24,222 barrels of oil equivalent per day in 2013 thanks to a successful drilling program last year.
In 2014, EnQuest plans to continue its investment in its current producing assets, while bringing the Alma/Galia field on stream, integrating the Greater Kittiwake Area acquisition and making substantial investments in the Kraken development.
Alma/Galia, located some 190 miles southeast of Aberdeen, will see approximately $200 million spent on the final stages of its development. EnQuest expects it to generate a material increase to the firm's net production – with initial net peak production set to be 13,000 boepd after production start-up scheduled for the second half of this year.
Following the completion of its acquisition of 50-percent of the Greater Kittiwake Area license during the first quarter of 2014, EnQuest plans an early work-over program this year as well as an assessment of exploration opportunities in the area. The firm also expects to undertake further appraisal drilling on a satellite to the west of the Kraken field during 3Q 2014, while a vessel due to be converted into the Kraken FPSO (floating production, storage and offloading) vessel will arrive at the shipyard in Singapore in 2Q 2014.
Overall, EnQuest plans to deliver more than 15 wells in 2014.
EnQuest CEO Amjad Bseisu commented in a company statement:
"EnQuest has delivered another good year of growth in production and a significant increase in reserves, supported by strong cash flow. Production growth of over 6 percent represents an excellent operational and reservoir performance from our existing assets, particularly in the second half.
"Companies like EnQuest are the future of the UK North Sea. Having strong and technically focused operations gives us the ability to maximize hydrocarbon recovery. Our objectives are fully aligned with the goals and the recommendations of the recent Wood Review. Our business model is sustainable and is set to deliver a material increase in cash flow from operations over the coming years."
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