EnQuest provided an operations update ahead of its annual general meeting highlighting its growing footprint in South East Asia.
The group announced several key growth initiatives across South East Asia in recent months, including the award of the DEWA PSC, securing the Seligi 1b gas agreement, the acquisition of Block 12W assets in Vietnam and, most recently, the successful PSC awards at Gaea and Gaea II in Indonesia.
Organic and transactional growth in the region already provides a pathway for EnQuest to grow its South East Asian production to more than 35,000 Boepd by the end of the decade.
Beyond this, EnQuest sees significant upside across its existing Asia portfolio, and is in advanced discussions around a further new country entry.
The diversified growth the company has already delivered in South East Asia is creating a better balance within its portfolio and brings significant future opportunity, said EnQuest Chief Executive, Amjad Bseisu.
Bseisu provided an update on other operations, saying: “EnQuest has continued to deliver excellent operational performance across our asset portfolio during 2025, achieving group production efficiency in excess of 90%. Production for the first quarter of the year, excluding pro forma Vietnam volumes, averaged 42.0 Kboed and remained ahead of our guidance range.
“Through strong reservoir management and good infill drilling results, in April we delivered Magnus oil production of 16,800 barrels per day, the highest rate since 2022. Due to a pipeline system outage, Magnus production was shut-in later in April, with remediation actions at the third-party-operated Ninian Central Platform now complete and production restored. The third infill well in the 2025 drilling program will be brought online in June and, with strong rates expected, will add to the excellent performance being delivered from Magnus. Accordingly, our production guidance of 40,000 to 45,000 Boepd, including pro forma Vietnam volumes, remains unchanged.
“The recent stepdown in commodity prices has further amplified calls for the UK government to remove the Energy Profits Levy and return the North Sea to a position of global competitiveness. The status quo, which sees the UK as the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist, is resulting in irreversible damage to this strategic national industry and is driving job losses across the sector.”