Latest news with #EnQuest
Reuters
20 hours ago
- Business
- Reuters
EnQuest to finalise $84 million Vietnam oilfield acquisition soon, CEO says
SINGAPORE, June 21 (Reuters) - UK explorer EnQuest (ENQ.L), opens new tab expects to complete the acquisition of Harbour Energy's (HBR.L), opens new tab business in Vietnam in the next month or two and plans to drill new wells to increase oil production there, CEO Amjad Bseisu said. The $84 million acquisition is part of the North Sea-focused company's expansion outside its home market. EnQuest will acquire just over a 53% equity interest in the Chim Sao and Dua production fields in Vietnam. "We were excited about the asset there as we see development opportunities, and we also see some in-fill opportunities," Bseisu told Reuters earlier this week. "So we'll be looking, once we take over, to investing in the field and trying to increase its productivity." In offshore Peninsular Malaysia, the company is on track to start producing non-associated gas from the Seligi field next year, Bseisu said. Daily gas production will be increased from 14,000-15,000 barrels of oil equivalent to 25,000 boe, he added. The company, along with energy majors, is investing in gas exploration and production in Southeast Asia to meet rising power demand from growing populations and a proliferation of data centres in the region. "Asia is our biggest growth engine now for gas," Bseisu said. In Indonesia, EnQuest is part of a consortium awarded in April the production and sharing for Gaea and Gaea II blocks, which are near the BP-operated (BP.L), opens new tab Tangguh LNG plant. Bseisu said EnQuest's strategy in Indonesia is to try and find gas close to existing plants. He added that domestic gas production is more attractive than liquefied natural gas (LNG) for governments as it creates revenue, jobs and expands the industry.
CNBC
4 days ago
- Business
- CNBC
This is the year of volatility: EnQuest CEO
EnQuest CEO Amjad Bseisu joins CNBC's JP Ong at the Energy Asia conference to discuss recent crude price volatility and market supply.
Yahoo
09-06-2025
- Business
- Yahoo
EnQuest to deploy Fennex's AI safety system across UK operations
Petroleum exploration and production company EnQuest has embarked on a digital transformation by implementing Fennex's AI-powered Behaviour-Based Safety System (BBSS) across its UK assets. The strategic move aims to bolster safety measures and provide behavioural insights at EnQuest's offshore and onshore facilities. The multi-year contract with Fennex signals EnQuest's dedication to integrating cutting-edge technology to ensure the well-being of its workforce and the efficiency of its operations. The deployment covers assets including the Thistle, Heather, Magnus and Kraken floating production, storage and offloading units, as well as the Sullom Voe Terminal in Shetland. The BBSS went fully operational in a span of just eight weeks, underscoring EnQuest's focus on fortifying frontline safety protocols and harnessing the power of intelligent digital solutions for performance optimisation. Fennex managing director Adrian Brownsaid: 'BBSS is now deployed across all EnQuest's UK-operated offshore assets, and for the first time at a major onshore terminal. EnQuest was eager to roll out the platform quickly, and thanks to strong collaboration, we were able to go live both offshore and onshore in record time.' Fennex's BBSS is not new to the industry, having been rolled out in more than 70 offshore projects globally. EnQuest HSE and Wells director Ian McKimmie added: 'We identified BBSS as an opportunity to make a step change in operational safety through making it easier and more user friendly for personnel to participate and allowing us to make more effective use of the resulting leading data. It provides full visibility of engagement in our safety reporting and real-time data, giving us immediate insight into reported issues and the ability to act swiftly for the best outcomes in our operations.' EnQuest is focused on offering energy security and decarbonisation. The company's portfolio is currently focused on the UK and Malaysia. "EnQuest to deploy Fennex's AI safety system across UK operations" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Herald Scotland
27-05-2025
- Business
- The Herald Scotland
EnQuest slams windfall tax as Aberdeen oil and gas jobs lost
In an operations update, the company told stock market investors: 'We remain focused on delivering a material UK transaction in the short term,' adding that it is in 'ongoing discussions with multiple UK counter-parties'. The company released the update weeks after abandoning a bid to acquire North Sea-focused Serica Energy, which has a stock market capitalisation of £565m. EnQuest has seen its valuation fall to £212m following a drop of around a third in the price of the company's shares since March amid the volatility triggered by Donald Trump's tariff threats. READ MORE: Israeli-owned firm takes control of UK's biggest gas field Against that backdrop, the company said the windfall Energy Profits Levy was an increasingly unfair burden on firms which could have disastrous unintended consequences. "The recent stepdown in commodity prices has further amplified calls for the UK government to remove the Energy Profits Levy and return the North Sea to a position of global competitiveness,' said chief executive Amjad Bseisu in the update. 'The status quo, which sees the UK as the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist, is resulting in irreversible damage to this strategic national industry and is driving job losses across the sector.' Earlier this month one of the biggest North Sea producers, Harbour Energy, announced plans to shed 250 jobs citing the continued challenging domestic fiscal and regulatory environment. In the update, EnQuest said it had launched a drive to cut costs to boost efficiency 'commensurate with a low commodity price environment'. The company did not elaborate on the implications for jobs in the North Sea operations it runs from Aberdeen. It has been approached for comment. READ MORE: SNP Government oil hypocrisy shocking amid Scottish jobs cull All the same, the update made clear that EnQuest still sees plenty of potential in the UK North Sea. 'We are resolute in our belief that our relative advantages, both operational and fiscal, see us ideally placed as a North Sea consolidator," said Mr Bseisu in the update. EnQuest became a significant force in the area after investing in assets it acquired amid tough times in the industry from firms that appeared to have lost interest in them, such as BP. EnQuest started production from the Kraken field off Shetland in 2017 (Image: EnQuest) The company's directors appear confident that the strategy makes sense amid the current downturn. This may create opportunities to acquire assets on attractive terms. Mr Bseisu's comment highlights the fact that EnQuest has accumulated historic losses that it can use to reduce the tax bills it will have to pay on the profits generated by its North Sea production operations. EnQuest incurred the losses amid moves to increase production from the assets it acquired. This has involved it drilling additional wells to help boost the recovery of reserves from existing fields and developing new ones such as Kraken. The company has continued with the strategy since the windfall tax was first introduced by the former Conservative Government in 2022. Mr Bseisu noted that EnQuest recently increased output from the Magnus field north east of Shetland to the highest level since 2022. The success reflected 'strong reservoir management and good infill drilling results'. EnQuest expects to start production from a further infill well on Magnus next month. The company acquired Magnus and related assets from BP in deals worth $385m in total in 2018, amid the slump in the area that started after oil prices plunged in 2016 as growth in supplies ran ahead of demand. READ MORE: North Sea drilling curb plans look mad amid Trump trade threats EnQuest acquired control of the undeveloped Bressay oil field east of Shetland from Equinor in July 2020 for an initial £2m, following the plunge in oil prices caused by the pandemic. In January EnQuest acquired Harbour Energy's Vietnam business in an $84m (£62m) deal. It has long had a presence in Malaysia. The company said it sees 'significant upside across its existing Asia portfolio, and is in advanced discussions around a further new country entry'. EnQuest made $94m profit after tax in 2024 on sales of $1.2bn. When EnQuest and Serica ended takeover talks early this month the companies said that market volatility had made it impossible to agree the terms concerned. READ MORE: North Sea oil giant plans $500m investor payouts as it cuts jobs Serica announced in March that it was in talks with EnQuest regarding a deal that would have created a company with increased scale, unlocked significant synergies and created a stronger platform for further growth. It was expected then that EnQuest would make an all-share offer for Serica.
Telegraph
27-05-2025
- Business
- Telegraph
Miliband's North Sea shutdown causing ‘irreparable damage'
Ed Miliband's retreat from the North Sea is causing 'irreversible damage' to Britain's oil and gas industry, a leading energy producer has warned. Amjad Bseisu, chief executive of listed oil company EnQuest, criticised the Energy Secretary's windfall tax, claiming it had sparked a swathe of job losses. He has called for an urgent rethink on the levy as falling oil prices pile more pressure on North Sea firms, which are facing a 78pc tax on profits. Mr Bseisu said: 'The recent stepdown in commodity prices has further amplified calls for the UK Government to remove the Energy Profits Levy and return the North Sea to a position of global competitiveness. 'The status quo, which sees Britain as the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist, is resulting in irreversible damage to this strategic national industry and is driving job losses across the sector.' His comments come as a growing number of North Sea producers consider cutting jobs and scaling back investment. This is partially in response to the Government's decision to increase the oil and gas windfall tax from 75pc to 78pc last year, while also extending the levy for an extra year to 2030. The industry has also been hammered by Mr Miliband's decision to ban all new drilling in the North Sea, as he seeks to prioritise investment in renewables to help Britain achieve its net zero targets. Mounting pressure led to Harbour Energy, the UK's largest oil and gas producer, announcing plans to cut 250 jobs in Aberdeen earlier this month. Scott Barr, managing director of Harbour Energy's UK business, blamed the job losses on 'the Government's ongoing punitive fiscal position and a challenging regulatory environment'. A new report also revealed that Britain's oil and gas industry is already suffering an exodus of staff. According to a survey by the Aberdeen and Grampian Chamber of Commerce, almost half of North Sea producers said their employees were leaving the UK to work abroad. They said the moves were caused by weak domestic confidence, uncompetitive government policy and a lack of viable projects in the UK. It comes after a separate analysis found last week that the windfall tax would leave 1.5bn barrels of oil and gas stuck in abandoned North Sea oil wells.
