Enquest has issued an update.
EnQuest reported a strong operational performance for 2025, with production of 45,606 barrels of oil equivalent per day, above guidance, and operating, capital and decommissioning costs all coming in below forecasts despite currency headwinds. The company expanded its South East Asian presence through the acquisition of Harbour Energy’s Vietnam business, early first gas from the Seligi 1b project in Malaysia and new entries into Brunei and Indonesia, while receiving industry awards in both Malaysia and the UK.
Financially, EnQuest ended 2025 with net debt of about $435 million and total liquidity of roughly $675 million following the refinancing of its reserve-based lending facility, leaving it positioned for further transactions. The group also agreed a $60 million settlement to secure full future cash flows from its core Magnus field, simplifying its balance sheet and underpinning a planned six-well drilling campaign, while signalling that lower cash tax payments in 2026 should support cash generation.
For 2026, EnQuest is guiding production of 41,000 to 45,000 barrels of oil equivalent per day, after temporary disruption from severe North Sea weather and a third-party outage affecting Magnus early in the year. Investment is focused on short-cycle UK drilling, cost and emissions optimisation, and growth projects in South East Asia, including the ramp-up of Seligi gas, phased development of the DEWA gas fields in Malaysia, and a four-year extension of Vietnam’s Block 12W, all supported by an expanded oil price hedging programme.
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