EnQuest PLC, 17 December
2024
Expansion of Seligi Gas
Agreement
EnQuest Petroleum Production
Malaysia Ltd ("EnQuest") is
pleased to announce that it has been awarded an agreement to
develop approximately 155 Bscf (c. 27 million barrels of oil
equivalent) of additional Seligi field gas resources, with a 50%
equity share.
EnQuest, in
partnership with PETRONAS Carigali Sdn Bhd ("PCSB") and E&P Malaysia Venture
Sdn Bhd ("EPMV")
(together, the PM8 (Extension) Production
Sharing Contract ("PM8E PSC") parties) has signed a letter of
agreement ("the agreement") with Petroliam Nasional Berhad
(PETRONAS) ("PETRONAS")
through Malaysia Petroleum Management ("MPM"), for the annexation of Seligi Field Non-Associated Gas and
Condensate to be part of PM8E PSC (Addendum No. 1), effective from
1 January 2025. In addition, the parties have also agreed on the
key terms for the PM8E Upstream Gas Sales Agreement relating to the
supply of natural gas produced from PM8E PSC.
The agreement enables the PM8E PSC
parties to develop and commercialize the non-associated gas
resources in the PM8E PSC contract area and, in line with expected
demand, supply around 70 mmscf per day of sales gas.
EnQuest will produce the additional
Seligi Field non-associated gas by modifying its existing
infrastructure, which provides a cost-efficient way to
deliver new volumes into the Peninsular Malaysia
gas system and will help the nation meet its increasing energy
needs. These volumes also increase the gas
component of EnQuest's production, which aligns to the Group's
strategic aim to reduce its overall carbon intensity.
Commenting on the agreement, EnQuest
Chief Executive Officer, Amjad Bseisu said:
"I am
pleased with the signing of this agreement, which enables EnQuest
to develop and supply non-associated gas through our existing
infrastructure. We look forward to
collaborating with our partners in delivering on our commitments
and we thank PETRONAS for their continued trust and confidence.
Malaysia is a key area for EnQuest's growth strategy, and this
agreement complements the signing of the DEWA Complex Cluster SFA
PSC in October this year."
EnQuest Malaysia General Manager and
Country Head, Ahmed Radzif said: "The trust PETRONAS has shown in
our ability to develop and deliver Seligi Field NAG is a
responsibility we are delighted to take on and recognises our 10
years of operating PM8E PSC in a safe and efficient manner. We look
forward to delivering our gas sales commitments and remain focused
on continuing to grow the business here in Malaysia."
Ends
For further information please
contact:
EnQuest PLC
|
Tel: +44 (0)20 7925 4900
|
Amjad Bseisu (Chief Executive
Officer)
|
|
Jonathan Copus (Chief Financial
Officer)
|
|
Craig Baxter (Head of Investor
Relations and Corporate Affairs)
|
|
|
|
Teneo
|
Tel: +44 (0)20 7353 4200
|
Martin Robinson
|
|
Harry Cameron
|
|
Notes to editors
ENQUEST
EnQuest is providing creative
solutions through the energy transition. As an independent energy
company with operations in the UK North Sea and Malaysia, the
Group's strategic vision is to be the partner of choice for the
responsible management of existing energy assets, applying its core
capabilities to create value through the transition.
EnQuest PLC trades the London Stock
Exchange.
Please visit our website
www.enquest.com
for more information on our global
operations
Forward-looking statements: This announcement may contain certain forward-looking
statements with respect to EnQuest's expectations and plans,
strategy, management's objectives, future performance, production,
reserves, costs, revenues and other trend information. These
statements and forecasts involve risk and uncertainty because they
relate to events and depend upon circumstances that may occur in
the future. There are a number of factors which could cause actual
results or developments to differ materially from those expressed
or implied by these forward-looking statements and forecasts. The
statements have been made with reference to forecast price changes,
economic conditions and the current regulatory environment. Nothing
in this announcement should be construed as a profit forecast. Past
share performance cannot be relied upon as a guide to future
performance.