UK's EnQuest has provided an update on its Kraken field in the UK northern North Sea saying that the field development was on track to deliver first oil before the end of June 2017, with further good progress on drilling.
EnQuest CEO Amjad Bseisu said: "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."
EnQuest said that for the full year 2017 of average production between 45,000 Boepd and 51,000 Boepd, which reflects the Kraken contribution in H2 2017.
The firm highlighted the progress being made with all drilling now complete on DC1 and DC2 and the rig has moved to DC3. At start up, seven producer and six injector wells should be available. Wells will be brought onstream in a phased manner in line with a view to maximizing long-term productivity.
EnQuest also commented on its proposed acquisition and operation of BP’s interests in the Magnus oilfield in the same area and the Sullom Voe Terminal on Shetland.
Bseisu stated: "Our proposed acquisition is on schedule for completion around the end of the year. This transaction recognises EnQuest’s differential operational capability in managing mature assets and infrastructure, essential in the North Sea basin at this point in its evolution. Magnus will be EnQuest’s eighth operated hub and provides the potential for significant future growth.”