EnQuest is lining up further North Sea deals throughout 2025 as it aims to ramp up production.
In an update to investors this morning, the global energy firm said it was looking to use its tax position to unlock "value-accretive" growth in the UK.
EnQuest chief executive Amjad Bseisu said the firm is "actively progressing several UK transaction processes".
He said: "As EnQuest continues to work towards a transaction in the UK North Sea and another potential new country entry in South East Asia, these agreements underline our commitment to growth, a disciplined approach to M&A, and a strategy to deploy capital where we see the most favourable returns."
He added: "EnQuest's foundation for growth remains robust and we are progressing several UK transaction processes, each focused on monetising the group's UK tax asset.
"Building shareholder value remains at the heart of our capital allocation decisions and we will provide an update on the group's shareholder return plans when we announce our final audited results in March."
The firm sanctioned the Magnus Flare Gas Recovery project in Q4 2024, which qualifies for the decarbonisation allowance in the UK's Energy Profits Levy. This will reduce the firm's windfall tax bill to $100million (£80million) during 2025.
The company is expected to spend a further £50million on decommissioning, with the spend focused on the culmination of the well P&A programmes at the Heather and Thistle fields.
The Heather team aims to permanently disembark the platform in Q2 2025, while Thistle is scheduled for disembarkation early in 2026. Heather topside removals are scheduled to commence in 2025, with Thistle topside removals in 2026.
Last month, EnQuest said it would acquire Harbour Energy's business in Vietnam as the North Sea-focused company aims to expand outside its home market.
FTSE 100
The UK's flagship share index, the FTSE 100, up 1-point at 8,778 shortly after opening this morning.
Brent crude oil futures were down 0.54%, trading at $76.47 a barrel.
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