EnQuest On Track For Kraken First Oil Before End of June

EnQuest On Track For Kraken First Oil Before End of June
EnQuest is on track to achieve first oil from the Kraken development in the UK North Sea before the end of June, according to the company's CEO Amjad Bseisu.

EnQuest is on track to achieve first oil from the Kraken development in the UK North Sea before the end of June, according to the company’s CEO Amjad Bseisu.

“First production from the Kraken development will give EnQuest its seventh operated hub and will mark a turning point in EnQuest’s progress from a period of heavy investment to one focused on cash generation and deleveraging the balance sheet,” said Bseisu.

EnQuest reaffirmed its production guidance for the full year 2017 of between 45,000 barrels of oil equivalent per day and 51,000 boepd, reflecting Kraken contribution in the second half of the year.  

Production averaged 37,856 boepd for the four months to end of April 2017, down on the 42,752 boepd in the same period in 2016, due to natural declines in the existing producing assets, according to an EnQuest statement.

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