EnQuest, a UK-based company, expects to exceed its production target for 2025

EnQuest, a North Sea oil producer, said on Wednesday that it expected to reach or even exceed its forecasted output of 40,000-45,000 barrels equivalents per day (boepd), as it increased expansion in Southeast Asia.

Along with other energy companies, the company is investing in gas production and exploration in the region in order to meet increasing power demands from a growing population and an increase in data centres.

EnQuest announced that it completed its Seligi 1b gas project nine months earlier than expected, with full production to be achieved in January 2026. It also said that recent acquisitions in Vietnam had increased output.

EnQuest, like its peers, is also 'confronting Britain's high windfall taxes on North Sea oil companies, which have drawn industry criticism.

Amjad Bseisu, the CEO of North Sea, said that Britain's Autumn Budget statement was "a disappointment" to this sector. However, he added that geographical diversification for the group and its significant UK tax losses strengthened their position in consolidating.

EnQuest’s production?averaged 45 487 boepd as of November-end. The company has reaffirmed their commitment to value-adding growth, after securing an $800 million reserve-based loan facility.

(source: Reuters)