North Sea oil company EnQuest hindered by global oil price drop

Joseph Millis
NORTH Sea oil firm EnQuest yesterday reported a 13 per cent fall in first-half revenue to $444m (£283m), compared with the same period last year, reflecting the sharp decline in the price of crude.

Pre-tax profits at the Aberdeen-based firm were also down, from $120m to $11m. Production rose by 17 per cent in the first half of 2015 due to its Malaysian fields, but North Sea output declined.

Chief executive Amjad Bseisu, said: “EnQuest has responded well to the lower oil price environment, delivering a strong performance driven by production gains and cost reductions.

“As the current capital programme reduces over the next two years and EnQuest benefits from lower cost operations and higher production, we expect to move into positive free cash flow at prevailing oil prices.”