Enquest strikes Seligi field partnership agreement

Exploration and production firm Enquest said on Tuesday that it has been awarded an agreement to develop approximately 155.0bn standard cubic feet of additional Seligi field gas resources, with a 50% equity share.

Enquest, in partnership with Petronas Carigali and E&P Malaysia Venture, has signed an agreement with Petroliam National Berhad through Malaysia Petroleum Management for the annexation of Seligi field non-associated gas and condensate, effective from 1 January 2025.

In addition, the parties also agreed on key terms for an upstream gas sales agreement relating to the supply of natural gas produced from the Selgi production sharing contract.

EnQuest will produce the additional Seligi field non-associated gas by modifying its existing infrastructure, which it said provides a cost-efficient way to deliver new volumes into the Peninsular Malaysia gas system and will help the nation meet its increasing energy needs.

These volumes also increase the gas component of Enquest's production, which aligns to the group's strategic aim to reduce its overall carbon intensity.

As of 1010 GMT, Enquest shares were down 0.88% at 10.59p.

Reporting by Iain Gilbert at Sharecast.com