Enquest abandons two North Sea oil fields to withstand price crash
The Thistle and Heather oil fields were closed for safety reasons last year
The Thistle and Heather oil fields were closed for safety reasons last year
ENQUEST
Emily Gosden
Thursday March 19 2020, 12.00pm, The Times
Enquest plans to abandon two ageing North Sea oil fields as it slashes expenditure by about 30 per cent to try to survive the oil price crash.
The heavily indebted producer said that it was aiming to reduce its costs by $230 million this year so that it could break even at $38 a barrel this year and $35 a barrel next year.
Brent crude, the global oil benchmark, was trading at only $26 a barrel on Thursday morning, less than half the price at the start of the year, after the coronavirus hit demand and Saudi Arabia embarked on a price war.