Page 21 - Oil&Gas-AustralAsia-2015-Issue-4
P. 21
M ALAYSIA
Malaysian assets keep EnQuest growing
By Marie RYAN
Workers at the PM8/Seligi platform offshore Malaysia.
Image courtesy of EnQuest
UK based Malaysia producer EnQuest he said. “The 2015 PM8/Seligi work program
has reported strong global production “ EnQuest delivered a first half 2015 will focus on well intervention activ-
growth of 17 per cent for the 2015 EBITDA of $226.7 million, approx- ities and improvements to the field
financial year when compared to the imately 20 per cent lower than the infrastructure, including work on gas
previous year, reaching an average of previous half-year period, a strong compressors, pipelines and generators.
29,665 barrels of oil equivalent per day performance, given the almost 50 per Well intervention and rectification is
(boepd). cent drop in the oil price. As the current proving successful, resulting in produc-
Chief Executive Amjad Bseisu said capital programme reduces over the tion improvements. The subsurface pro-
EnQuest had responded well to the next two years and EnQuest benefits gramme is also being developed,” the
lower oil price environment, deliver- from lower cost operations and higher company said in its yearly results.
ing a strong performance driven by production, we expect to move into First production from the Tanjong Bar-
production gains and cost reductions, positive free cash flow at prevailing oil am field was achieved on schedule in
both core areas of expertise, and by a prices.” June 2015 with changes to the receiving
well-executed hedging programme. The company announced the PM8/Seli- vessel requested by project partners to
“EnQuest now anticipates that 2016 full gi asset had delivered strong production accommodate higher volumes of liquids
year unit operating expenditure will be performance due to improved produc- in the associated gas that required the
in the low $30s/bbl,” Mr Bseisu said. tion processes, due to work undertaken field to be shut-down.
“ EnQuest achieved continuing high after assuming operatorship resulting in Following the implementation of modi-
levels of operating efficiency in the efficiency gains. fications to the Tanjong Baram facili-
North Sea and a good production per- EnQuest said it will continue to en- ties, production is anticipated to restart
formance in Malaysia, with PM8/Seligi’s hance production through, increasing soon, the field has been developed as an
first half year contribution. Our two facilities uptime, idle well rectifications unmanned platform with production
major developments are progressing and interventions and facilities im- tied back to the Petronas Carigali oper-
well and we expect first oil from the UK provement upgrades. ated West Lutong-A complex.§
Alma/Galia field within a few weeks,”
A Awww.oilandgasaustralasia.com SEPTEMBER/OCTOBER 2015 OIL & GAS ustral SIA 19
Malaysian assets keep EnQuest growing
By Marie RYAN
Workers at the PM8/Seligi platform offshore Malaysia.
Image courtesy of EnQuest
UK based Malaysia producer EnQuest he said. “The 2015 PM8/Seligi work program
has reported strong global production “ EnQuest delivered a first half 2015 will focus on well intervention activ-
growth of 17 per cent for the 2015 EBITDA of $226.7 million, approx- ities and improvements to the field
financial year when compared to the imately 20 per cent lower than the infrastructure, including work on gas
previous year, reaching an average of previous half-year period, a strong compressors, pipelines and generators.
29,665 barrels of oil equivalent per day performance, given the almost 50 per Well intervention and rectification is
(boepd). cent drop in the oil price. As the current proving successful, resulting in produc-
Chief Executive Amjad Bseisu said capital programme reduces over the tion improvements. The subsurface pro-
EnQuest had responded well to the next two years and EnQuest benefits gramme is also being developed,” the
lower oil price environment, deliver- from lower cost operations and higher company said in its yearly results.
ing a strong performance driven by production, we expect to move into First production from the Tanjong Bar-
production gains and cost reductions, positive free cash flow at prevailing oil am field was achieved on schedule in
both core areas of expertise, and by a prices.” June 2015 with changes to the receiving
well-executed hedging programme. The company announced the PM8/Seli- vessel requested by project partners to
“EnQuest now anticipates that 2016 full gi asset had delivered strong production accommodate higher volumes of liquids
year unit operating expenditure will be performance due to improved produc- in the associated gas that required the
in the low $30s/bbl,” Mr Bseisu said. tion processes, due to work undertaken field to be shut-down.
“ EnQuest achieved continuing high after assuming operatorship resulting in Following the implementation of modi-
levels of operating efficiency in the efficiency gains. fications to the Tanjong Baram facili-
North Sea and a good production per- EnQuest said it will continue to en- ties, production is anticipated to restart
formance in Malaysia, with PM8/Seligi’s hance production through, increasing soon, the field has been developed as an
first half year contribution. Our two facilities uptime, idle well rectifications unmanned platform with production
major developments are progressing and interventions and facilities im- tied back to the Petronas Carigali oper-
well and we expect first oil from the UK provement upgrades. ated West Lutong-A complex.§
Alma/Galia field within a few weeks,”
A Awww.oilandgasaustralasia.com SEPTEMBER/OCTOBER 2015 OIL & GAS ustral SIA 19
