EnQuest pumping more oil

Oil firm EnQuest yesterday flagged a “busy 2012 to date” with production driving earnings and cashflow.

In a trading update, the company, which de-merged from energy services group Petrofac, said production from 1 January to 30 April had averaged 20,976 barrels of oil equivalent per day, in line with expectations.

As previously announced, the firm is anticipating average production of between 25,000 and 30,000 barrels per day in 2013.

Chief executive Amjad Bseisu told investors: “We have had a busy 2012 to date.

“We are announcing further additions to our pipeline of potential developments, with an increase in our position in the Kildrummy discovery from 40 per cent to 60 per cent and in the Cairngorm discovery from 50 per cent to 100 per cent.”