Oil firm EnQuest says it does not expect to produce oil from its new Alma/Galia field until 2014, after seeing half year profits drop by 13.2%.
The British-based firm, which has a significant North Sea presence, said delays to the refurbishment of the floating production vessel and process systems to be used at the field meant first oil would not now be produced this year, with production now expected to start in the first quarter of 2014.
“Most of the Alma/Galia subsea work is now complete,” said chief executive Amjad Bseisu.
“The scope of the refurbishment of the marine and process systems at the FPSO has been extensive and we now anticipate first oil being rescheduled to Q1 2014.”
Half-year production for EnQuest was up almost 6% to 21,455 barrels of oil equivalent a day, with increased output from the Heather/Broom and Don Fields, plus the acquisition of the Alba field in March, mitigating a lower output from the Thistle and Deveron fields due to the Brent pipeline shutdown in the first quarter of the year.
Pre-tax profits were down 13.2% to $167.2million for the first half of the year compared to the same period last year, with the company citing lower oil prices and one-off operating costs for the drop – including $6million through running on diesel fuel after a turbine outage.
The delay to the Alma/Galia field production saw the company set production estimates for the year at the lower end of its previous 22,000 to 27,000 boed, with an initial 13,000 boed anticipated from Alma/Galia once it comes onstream next year.
