Shares in Enquest, the North Sea operator jumped 8.47% to 32p this morning on the news that their Kraken field had delivered first oil last week. This moves the company from a period of heavy investment to cash generation.
One of the biggest projects in the North Sea to come on-stream in a decade, the Aberdeen based operator says they delivered on schedule and under budget.
Amjad Bseisu, chief executive at EnQuest said “Kraken is a transformational project, made possible by EnQuest’s differential capabilities; the right mix of integrated technical capabilities, high levels of efficiency and cost discipline.”
Oil & Gas UK chief Deirdre Michie said “This is very welcome news from EnQuest and further confirmation of the potential of the UK Continental Shelf. The pursuit of oil and gas is always challenging and EnQuest has taken a variety of innovative and efficient steps successfully to complete the large Kraken development project while keeping costs down. Effective partnership working with the supply chain has also played an important part. First oil from Kraken is good for EnQuest and good for our industry. It demonstrates once again what the North Sea can still deliver with the right approach and investment.”