EnQuest reiterates annual output forecast, plans to raise shareholder returns
22/05/2026 07:47
May 22 (Reuters) - North Sea-focused oil producer EnQuest ENQ.L reiterated its annual output forecast on Friday and said it plans to raise shareholder returns while pursuing growth in the UK and Southeast Asia, including acquisitions of production assets. Like its peers, EnQuest grapples with the UK's windfall tax, which has raised concerns about the competitiveness of North Sea operators, while focusing on boosting output from mature assets to offset third-party outages. The company's annual general meeting is scheduled at 1400 GMT later in the day. Here are some details: Production has averaged 41,500 barrels of oil equivalent per day year-to-date, and the company reiterated its full-year forecast of 41,000–45,000 boepd despite an outage at the Ninian Central Platform in the first quarter. The company is pursuing further regional growth through acquisitions of low-decline, low-capex production assets and said it is also evaluating transaction opportunities in both Southeast Asia and the UK North Sea. EnQuest sees its Southeast Asia portfolio delivering about net 35,000 boe/d by 2030, following expansion in Vietnam and recent project start-ups. EnQuest intends to increase shareholder returns with a proposed $20 million dividend, building on its maiden payout last year. (Reporting by Ankita Bora in Bengaluru; Editing by Subhranshu Sahu) ((Ankita.Bora@thomsonreuters.com;))