This agreement is expected to provide around 50 mmscf per day of associated gas (25 mmscf per day net to EnQuest), which is currently being reinjected into the reservoirs, for sale. PM8E PSC parties will be paid a fee by PETRONAS for the sales gas. Although gas produced from the field will remain available to PM8E PSC for its petroleum operations, these gas sales will support the growing gas demand in Peninsular Malaysia without any adverse impact to its oil production operations.
The delivery and sales of the gas align with EnQuest’s strategy of responsibly managing existing energy assets, enhancing exposure to gas and international assets, and will contribute to a reduction in EnQuest’s carbon intensity.
Commenting on the agreement, EnQuest Chief Executive Officer, Amjad Bseisu said:
“I am pleased with the progress on this agreement enabling EnQuest to supply gas through existing infrastructure. We look forward to continuing to work with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of Malaysia’s hydrocarbon resources, on further potential supplies.”
For further information, please contact:
Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Salman Malik (Chief Financial Officer)
Ian Wood (Head of Investor Relations, Communications & Reporting)
Craig Baxter (Senior Investor Relations Manager)
Tel: +44 (0)20 7353 4200
Notes to editors
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 on both the London Stock Exchange and the NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on our global operations.