Enquest to put $1bn into wells

City A.M. Reporter
OIL and gas company Enquest said it plans to spend $1bn (£625m) on at least 11 new wells in the North Sea and raised its stake in one of its fields.

The company, which more than doubled its full-year profit, said yesterday that half of the spending would be on Alma and Galia.

The North-Sea focused company bought an additional 18.5 per cent stake in West Don from JX Nippon Exploration and Production for $34m. Enquest now holds 63.5 per cent of West Don.

In January this year Enquest raised its stake in the Kraken oil discovery to 45 per cent.