EnQuest Narrows North Sea Output Target Amid Uncertainty Over UK Policy

EnQuest has narrowed its annual production target in the North Sea due to a five-week outage at its Magnus field, but still managed to swing back into profit for the first half of the year. The company reduced its expected output from 41,000 to 45,000 barrels of oil equivalent per day (boepd) to 41,000-43,000 boepd.

The North Sea-focused oil producer reported a nine percent increase in first-half output to 41,544 boepd. EnQuest's shares were down five percent at 26p by 11:31 GMT.

The company has been expanding its Southeast Asian portfolio as it navigates uncertainty over Britain's oil and gas policy under the new government led by Prime Minister Andy Burnham.