EnQuest plc said full year production would be slightly lower than guidance after Magnus was shut in following an unplanned outage at the Ninian central platform.
INVESTMENT
The company led a short dive support vessel campaign in early November to inspect and repair the subsea hydraulic system.
Production at the field has now returned to pre-outage levels.
EnQuest added: “This event disrupted what was otherwise a good second half performance across EnQuest’s upstream portfolio, with annual shutdowns completed on time and to cost, with good subsequent field delivery and continued high operational uptime.”
Full year production is expected to be slightly below the 41 to 45,000 barrels of oil equivalent per day guidance range.
EnQuest has also accelerated an investment in flare gas recovery at Magnus to enhance asset performance further, reduce emissions, and optimise free cash flow in 2025.
As a result, the company expects 2024 capital expenditure to total c.$250 million, with a net reduction in 2024 free cashflow of $15m.
Group 2024 operating and decommissioning expenditure guidance is maintained at $415m and $70m, respectively.
At Kraken, the company has terminated the rig contract with Dolphin Drilling at a net cost of $14.6m after the joint venture partners were unable to agree a 2025 asset drilling programme.
The company said that the cancellation could reduce 2025 net capex by $60m.
EnQuest plans to reschedule the infill wells as part of a wider 2026 drilling.