North Sea-focussed oil producer EnQuest said on Wednesday it expects to meet or exceed the upper end of its 2025 output forecast of 40,000–45,000 barrels of oil equivalent per day (boepd) as it steps up expansion in Southeast Asia.
The company, along with other energy majors, is investing in gas exploration and production in the region to meet rising power demand from growing populations and a surge in data centres.
EnQuest said it completed its Seligi 1b gas project in Malaysia nine months ahead of schedule, with full production expected in January 2026, and boosted output in Vietnam following recent acquisitions.
Like its peers, EnQuest is also contending with Britain's high windfall tax on North Sea oil producers, which has drawn industry criticism.
Britain's Autumn Budget Statement is "a disappointment" for the North Sea sector, CEO Amjad Bseisu said in a statement but added that the group's geographic diversification and significant UK tax losses strengthen its position for consolidation.
As of November-end, EnQuest's output averaged 45,487 boepd, and the company reaffirmed its commitment to value-accretive growth after securing a new $800 million reserves-based lending facility.
(Reuters - Reporting by Raechel Thankam Job in Bengaluru; Editing by Rashmi Aich)