9.7 C
Alba Iulia
Wednesday, August 12, 2020

First oil delivered from EnQuest’s Kraken field

Subscribe to our newsletter

We will never spam , sell or share your details

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.”

thunderstorm with rain
16.1 ° C
16.1 °
16 °
100 %
100 %
19 °
17 °
15 °
16 °
16 °

Follow Us

Our Other Titles

ClearWater launches camera tracing technology to support...

SCOTTISH-headquartered ClearWater Hygiene has launched its new SMART stand to help pubs better control the spread of Covid-19. The unit, which includes an adjustable infrared...

Technology and software group rebrands

SYSTEMS integration specialist Servelec Controls has rebranded to Innovation Transforming Industry (ITI). The firm, which has an operations base in Aberdeen’s Bridge of Don, said...

Aberdeen Harbour hands out £4.3m contracts for...

ABERDEEN Harbour Board has issued further contract awards to the value of approximately £4.3 million, in support of the South Harbour Expansion Project. The awards cover...

Drilling firm announces new CEO

BORR Drilling has appointed Patrick Schorn as its new chief executive officer. He will take up the role from September 8, succeeding Svend Anton Maier...

More Articles Like This