London Stock Exchange-listed energy player EnQuest has restarted production at its field in the UK sector of the North Sea.
After the production at the Magnus field was stopped in late April due to a pipeline system outage, repair work at the Ninian Central Platform has been completed, and production has been restored, the UK player disclosed.
The Ninian Central Platform, which is operated by Canadian Natural Resources International (CNRI), is connected to the Sullom Voe terminal via the Ninian pipeline, transporting crude oil from Magnus and other fields.
The outage of the pipeline system infrastructure is said to have lasted four weeks. According to EnQuest, additional volumes have now been added thanks to infill drilling, well interventions, and well optimization work conducted during this period.
Since key maintenance activities were carried out during the outage, the firm will not carry out the seven-day maintenance shutdown envisaged for the second half of 2025. Accordingly, the next planned shutdown at Magnus is scheduled for 2026.
EnQuest Chief Executive, Amjad Bseisu , commented: “Through strong reservoir management and good infill drilling results, in April we delivered Magnus oil production of 16,800 barrels per day, the highest rate since 2022.”
Bseisu went on to explain that the third infill well in the 2025 drilling programme will be brought online in June. With strong rates expected, this is envisaged to add to what he says is excellent performance from Magnus. Accordingly, the company’s production guidance of 40,000 to 45,000 barrels of oil equivalent per day (boepd), including pro forma Vietnam volumes, remains unchanged.
Commenting on the financial aspects of the company’s business, Bseisu said EnQuest remains focused on optimizing its cost base to drive further efficiency, in line with a low commodity price environment. Claiming to have a track record of managing expenditure during times of low oil prices, the company intends to apply the same disciplined approach to its investment plans over the next 18 months.
“The diversified growth we have already delivered in South East Asia is creating a better balance within our portfolio and brings significant future opportunity. We remain focused on delivering a material UK transaction in the short term, and we are resolute in our belief that our relative advantages, both operational and fiscal, see us ideally placed as a North Sea consolidator,” noted Bseisu.
Commenting on UK operations, the EnQuest CEO said the recent decrease in commodity prices has further amplified calls for the UK government to remove the Energy Profits Levy and return the North Sea to what he says is a position of global competitiveness.
According to him, the status quo, with the UK as the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist, is causing “irreversible damage” to what he believes is a strategic national industry, as well as driving job losses across the sector.
EnQuest acquired Magnus, situated in the Northern North Sea, some 160 kilometers north east of Shetland, from BP in 2018 . The firm’s other assets in the UK include Kraken, Golden Eagle, Greater Kittiwake Area, Scolty/Crathes, and Alba.
A year ago, the company reached a milestone of 70 million barrels of oil produced during May from Kraken, which has been online since 2017.