SHARE
EnQuest CEO Amjad Bseisu. Image courtesy of EnQuest.

UK-based EnQuest boosted production by almost 20 percent during the first nine months of 2014 over the prior  year as the company grabbed assets in Tunisia and Malaysia and saw spikes in North Sea output.

The company produced an average of 27,567 barrels of oil equivalent per day during the first nine months the year, a 19.2 percent increase over the same period in 2013.

EnQuest expects to meet its initial production guidance of between 25,000 to 30,000 boepd for the full year.

The company said its output boost “reflects a substantial initial contribution” from the PM8/Seligi and Didon projects, its first producing oil fields outside the North Sea.

The new interests EnQuest acquired this year will add about 20 million barrels of oil equivalent to net proved plus probable reserves.

The company said it’s currently planning its 2015 capital expenditure program with an eye towards recent weakness in oil prices and associated service costs.

CEO Amjad Bseisu said the jump in output “reflects continuing strong reservoir performance and top quartile production efficiency from our existing producing assets”.