A tale of two trading updates
UK independent Enquest’s revised forecast for 2020 may be just six weeks removed from its previous guidance. But it is also a world away
North Sea and Malaysia-focused producer Enquest issued new advice on its 2020 operations on Thursday, a mere 44 days after it last did so and just a week before it announces annual results. It offers a sobering snapshot of the seismic shift in the energy market in recent weeks. Revised production, if one takes a midpoint of Enquest’s two ranges, is not so stark, down by a relatively modest 7pc. But two of the firm’s North Sea assets, the Heather and Thistle/Deveron fields—which were characterised as ongoing shutdowns—will now not restart in Enquest’s current working assumption. 35pc – drop in Enquest capex Combined production from these fields in 2019 was only c.6,000bl/d oe, admit
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy