Stefan joined enquest in 2012 and is responsible for all legal, company secretarial matters, the commercial function and for enquest s risk management framework. With production from kraken, enquest is moving from a period of heavy capital investment, to a focus on cash generation and deleveraging the balance sheet. London a recent update from enquest plc revealed that although it anticipates missing its production guidance due to ongoing issues with the brent pipeline system, the company reached a project milestone and expects another in the short term first oil has been achieved from the scoltycrathes light oil development in the central north sea ahead of schedule and under. Enquest to halt production at two north sea fields.
The second stage of the project will take place in 2014. The kraken project rangeview library district overdrive. Enquest plc expects higher production in 2018, helped by its flagship kraken oilfield and its acquisition of a 25 percent stake in bps magnus oil field, the north seafocused oil producer said on. Enquest s production fell to 37,000 barrels of oil a day at one point but with kraken its fullyear average production for 2017 is expected to climb to between 45,000 and 51,000 barrels, depending on how fast the project takes to reach its full potential. Enquest has announced that it will not restart production at the heather and thistledeveron fields in the north sea. Enquest also said its kraken ultraheavy oil project in the north sea has performed below expectations due to water injection problems, producing 31,000 bd in the first half of the year. The enquestoperated kraken development in the uk north sea has been producing above expectations with production reaching 40,000 bopd in late in november. Kraken has an estimated life of up to 25 years and is forecast to.
Kraken is one of the biggest subsea heavyoil field projects in the uk sector of the north sea. Enquest propose to develop the kraken field, located in the northern north sea in ukcs block 0902b, approximately 126 kilometres km east of the nearest uk coastline and approximately 46 km west of the uknorway median line, in a water depth of between. Bumi armada to convert tanker into fpso for kraken project. The kraken field has reserves of 7 million barrels of heavy oil. The pumps will be utilized for key artificial lift service on the oil field project. Enquest and cairn energy announced on monday the acquisition of additional interest in the kraken development project, in the uk north sea, from first oil. The londonlisted business also lowered its net debt by. Enquest expects kraken improvement despite cairn warning. Enquest kraken field development project nov 2012 present. Kraken is a transformational project, made possible by enquest s differential capabilities. Enquest plc climbed the most in three months in london trading on speculation borrowings will fall following the start of production at its kraken oil field in the u. In announcing its 2017 results, the north seafocussed producer said its outlook. Kraken oil field, north sea offshore technology oil. Oil firm enquest said today that production should grow by about a fifth this year despite having to shut down two of its north sea fields.
It is one of the most promising habitats for extraterrestrial life in the solar system. Enquest lowers oil output forecast amid kraken fpso issues. Enquest, kraken field, oil, north sea, fpso, bumi armada, offshore. The kraken project hennepin county library overdrive. During the initial rampup period, the wells that have been drilled and completed to date, comprising 7 producers and 6 injectors, are being brought online in a phased manner, to maximise long term productivity and value. Nasa is building a probe to be splashed down in the kraken mare, the largest sea on saturns great moon, titan.
One of the largest current development projects in the uk north sea, kraken has an anticipated production life of up to 25 years and first oil is. Enquest is an oil and gas production and development company, using its differential capabilities to create value from investing safely in maturing and underdeveloped oil and gas assets. View alastair boyds profile on linkedin, the worlds largest professional community. Enquest has confirmed that first oil from the kraken development was delivered on june 23, 2017. British oil firm enquest plcs shares slumped to a threeyear low on march 12 after cairn energy plc, its partner in its flagship kraken project, cut its estimate of the oil fields reserves by around a fifth. The field lies at a water depth of 120m in blocks 92b and 92c within the p1575 licence in the east shetland basin, which is located 125km away from noss.
Enquest had approaches from polish oil firm lotos and a. Enquest reportedly called off plans to sell stakes in its kraken field and instead borrowed money against it as a debt deadline approached. Enquest shares fall on problems at kraken field in north. Enquest shares slump to threeyear low after partner downgrades. Enquest has informed that the kraken development is on track to deliver first oil before the end of june 2017, with further progress on drilling. Enquest says that its kraken project has overcome startup issues and is now performing better than expected, sending shares in the north sea oil producer sharply higher. The kraken project by douglas preston is the most amazing book ive read in a while. Using the jclass vessel, fairplayer, jumbo successfully installed an fpso mooring spread for client enquest in the north sea alma and galia field. In related news, enquest on thursday said that delek group would not be taking a share in the kraken development as the pair failed to reach and agreement. Improved production efficiency at kraken resulted in average gross.
Hydrasun rev project management reduced costs background kraken is a large heavy oil accumulation in the uk north sea, located in the east shetland basin. Uk oil and gas company enquest has downgraded its full year oil production forecast amid topside commissioning delays with the armada kraken fpso in the kraken field, offshore the uk. Kraken on target for june launch subsea world news. The kraken project has already lost one developer after first oil expro fell into administration last year, requiring the already indebted enquest and minority partner cairn energy to. I was captivated not only by an incredibly realistic and terrifying plot line, but also by the gutwrenching emotions of the main characters and the breakneck pace of the story. Enquest has informed that that first oil from its kraken north sea field was produced on june 23, 2017. The kraken oil and gas field in the british north sea is enquest s largest producing asset. Kraken is one of the biggest subsea heavyoil field projects in the uk sector of. Enquest delivers first oil from kraken subsea world news. It reiterated today it was on track to report its first delivery from the kraken oil field in the north sea in the second quarter of this year. The kraken project metropolitan library system overdrive.
Bumi armada to refund enquest for kraken fpso offshore. From celebrated relic author douglas preston, wyman ford races to stop a rogue ai in the kraken project, a new york times bestselling thriller as chilling as it is provocative james rollins. St, is pleased to announce an agreed compensation settlement with armada kraken pte ltd, a whollyowned subsidiary of bumi armada berhad bumi, in relation to historic issues with the fpso. The kraken is a large heavy oil accumulation in the uk north sea, located in the east shetland basin, to the west of the north.
Good progress is being made on our pipeline projects and. Enquest receives waiver ahead of test on loan covenants. Ukbased oil and gas development and production company enquest has said that its kraken project in the uk north sea is on track to achieve first oil in the first half of 2017. Enquest announces production boost in full year results.
Enquest celebrates first oil from north seas kraken. A material operating cost and capex reduction programme will aim to lower enquest s cost base. Total combined production from these fields in 2019 was approximately 6000 boed. Kraken fpso settlement agreement enquest plc enquest, an independent oil and gas production and development company listed on the london and stockholm stock exchanges enq. The kraken field, which is estimated to contain nearly 140m barrels of oil, is majorityowned by aberdeenbased enquest. Kraken oil field, north sea offshore technology oil and gas.
Enquest tames kraken oilfield project business the times. Kraken is a large heavy oil accumulation in the uk north sea, located in the east shetland basin, to the west of the north viking graben, approximately 125 km east of the shetland islands. Output rose to 33,000 bd in july and august and a fourth, slightly scaledback drill center is expected to result in further increases. Jumbo installs mooring spread for enquest producer fpso. Enquest predicts production jump despite north sea. Enquest, cairn take additional interest in kraken development. In its 2015 results statement from march 17, the company said it would continue with cost cutting efforts in 2016. Kraken is a large heavy oil accumulation in the uk north sea, located in the east shetland basin, to the west. Fspo enquest producer arrives on the river tyne from hamburg 18th october 20 duration. Fpso performance at kraken has improved significantly with two trains online.
Enquest seeking to prove more oil at north sea magnus. Enquest shares slump to threeyear low after partner. Kraken is a heavy oil producing asset and is the largest single asset in enquest s portfolio. The kraken development is one of the largest development projects undertaken in recent years in the uk north sea. Enquest has announced it is set for a boost in production in 2018, bolstered by its north sea kraken development. Enquest shares slump after partner downgrades kraken oil. Enquest plans a new round of drilling on magnus later this year. Fs cygnus supply vessel at the armada kraken fspo 9 8 17.
Enquests north sea kraken field starts producing financial times. First oil from kraken, a large heavy oil accumulation in the east shetland basin, west of the north viking graben, was delivered on june 23, 2017. All drilling is now complete on drill centre 1 dc1 and dc2 and the rig has moved to dc3. Uk independent enquest to buy rest of bp stake in north. British oil firm enquest s shares slumped to a threeyear low on tuesday after cairn energy, its partner in its flagship kraken project, cut its estimate of. At the thistle field, the drilling team continues to abandon wells and the dunlin bypass project is progressing with the first phase of subsea construction, including the new pipeline and structure installation, now completed. London, march 12 reuters british oil firm enquest s shares slumped to a threeyear low on tuesday after cairn energy, its partner in its flagship kraken project, cut its estimate of the. Spx to supply pumps for enquests kraken development offshore. First oil was delivered in june 2017, with the field development. British oil firm enquest s shares slumped to a threeyear low on tuesday after cairn energy, its partner in its flagship kraken project, cut its estimate of the oilfields reserves by around a fifth. Kraken, located 125km east of the shetland islands, is a heavy oil project light oil is generally considered better as it is easy to process. See the complete profile on linkedin and discover alastairs connections and jobs at similar companies. This year saw jumbo complete stage one in the first offshore installation contract undertaken as main contractor.
Uk oil producer enquest has insisted production at kraken, one of its. Ukbased enquest achieved the delivery of first production from the kraken offshore oil field on friday, 23 june. The enquestoperated kraken is a large heavy oil accumulation in the uk north sea, located in the east shetland basin, to the west of the north viking graben, approximately 125 km. From celebrated relic author douglas preston, wyman ford races to stop a rogue ai in the kraken project, a new york times bestselling thriller as chilling as it is provocative james rollinsnasa is building a probe to be splashed down in the kraken mare, the largest sea on saturns great moon, ti. Uk oil producer enquest has insisted production at kraken, one of its key north sea assets, will significantly improve, despite its partner in the project last week lowering its expectations. Kraken represents one of the cornerstones of enquest s long term production portfolio. From celebrated relic author douglas preston, wyman ford races to stop a rogue ai in the kraken project, a new york times bestselling thriller as chilling as. First oil was delivered in june 2017, with the field development plan completed around the end of the first quarter of 2019. Kraken is estimated to hold 400m barrels of oil and at its peak could produce 50,000 barrels of oil a day over a 25.