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EnQuest PLC, on behalf of the PM8 (Extension) production sharing contract parties, signed an agreement with PETRONAS on 09 May 2023. This agreement facilitates the provision of additional gas from the Seligi field via existing PM8E PSC facilities until the end of 2025. The agreement is expected to increase EnQuest's gas production by approximately 25 mmscf per day (50 mmscfd gross).
| Date | 9 May 2023 |
| Time | 07:00:15 |
| Category | Acquisitions and alliances |
| ID | 6676Y |
EnQuest PLC, 09 May 2023
EnQuest Malaysia Update
EnQuest is pleased to announce that it has, on behalf of the PM8 (Extension) ('PM8E') production sharing contract ('PSC') parties, signed an agreement with PETRONAS to support Peninsular Malaysia's gas demand by providing additional gas from the Seligi field through the existing PM8E PSC facilities until the end of 2025.
This agreement is expected to increase EnQuest's gas production by around 25 mmscf per day (50 mmscfd gross), initially from associated gas, with the partnership assessing the drilling of additional gas-producing wells over time. Increasing gas production aligns 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 and look forward to continuing to work with our valued partner Petronas on unlocking further potential supplies."
Ends
For further information, please contact:
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EnQuest PLC |
Tel: +44 (0)20 7925 4900 |
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Amjad Bseisu (Chief Executive) |
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Salman Malik (Chief Financial Officer) |
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Ian Wood (Head of Investor Relations, Communications & Reporting) |
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Craig Baxter (Senior Investor Relations Manager) |
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Teneo |
Tel: +44 (0)20 7353 4200 |
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Martin Robinson Martin Pengelley |
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Harry Cameron |
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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 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.