EnQuest PLC has achieved manufacturing on the Seligi 1b pure gasoline growth mission, anticipated to succeed in its capability of about 6,000 barrels of oil equal a day (boed) in January 2026.
The beginning-up was achieved 9 months forward of schedule and 10 months after mission sanction, in accordance with EnQuest, a London-based producer targeted on late-life belongings.
“This accelerated supply underlines EnQuest’s dedication to investing in fast payback tasks in lower-cost jurisdictions, with the additional benefit that the manufacturing sharing contract mechanisms throughout our Southeast Asia enterprise present pure safety towards decrease commodity costs”, EnQuest chief govt Amjad Bseisu mentioned within the firm’s “operations replace”.
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EnQuest operates Seligi with a 50 p.c stake via the PM8 Extension Manufacturing Sharing Contract (PM8E PSC), which additionally consists of the PM8 contract space. EnQuest acquired Seligi and PM8 from Exxon Mobil Corp in 2014.
Late final 12 months, state-owned Petroliam Nasional Bhd signed an settlement with EnQuest and E&P Malaysia Enterprise Sdn Bhd to annex Seligi Discipline Non-Related Fuel and Condensate to the PM8E PSC.
“As well as, the events have additionally agreed on the important thing phrases for the PM8E Upstream Fuel Gross sales Settlement referring to the provision of pure gasoline produced from PM8E PSC”, EnQuest mentioned in a press launch December 17, 2024.
“The settlement allows the PM8E PSC events to develop and commercialize the non-associated gasoline sources within the PM8E PSC contract space and, in keeping with anticipated demand, provide round 70 MMscf [million standard cubic feet] per day of gross sales gasoline.
“EnQuest will produce the extra Seligi subject non-associated gasoline by modifying its present infrastructure, which offers a cost-efficient strategy to ship new volumes into the Peninsular Malaysia gasoline system and can assist the nation meet its growing power wants”.
In its newest operations replace, EnQuest reported a manufacturing of 45,487 barrels of oil equal a day within the first 11 months of 2025, with manufacturing effectivity of 89 p.c.
“2025 full-year manufacturing is predicted to be at, or above, the highest finish of the Group’s steerage of 40 to 45 Kboed (figures together with professional forma Vietnam volumes)”, it mentioned.
Earlier this 12 months EnQuest acquired Harbour Power PLC’s Vietnamese enterprise together with a 15.13 p.c working stake within the Chim Sáo and Dua manufacturing fields, as introduced by EnQuest July 10.
The operations replace added, “Within the UK North Sea, two infill wells drilled on Magnus contributed to a 1.1 Kboed [thousand boed] enhance in asset manufacturing. Preparations are underway for a six-well program that can begin in H1 2026”.
“In opposition to a backdrop of decrease and extra unstable oil costs and a weak U.S. greenback, funding and transaction prices had been weighted towards H2 2025”, EnQuest mentioned within the replace. “EnQuest has managed this via commodity and forex hedging, and steps to cut back ahead prices and maximize group money circulation and liquidity”.
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