North Sea-focused oil producer EnQuest lowered its full-year production guidance on Sept. 8 after initial output at its new Alma/Galia field was less than expected.

The London-listed company also said it had reduced gross capex on its Kraken Field in the North Sea by $150 million to $2.6 billion, squeezing costs to contend with low crude prices. The project remains on track to produce first oil in the first half of next year.

EnQuest also reported a 51% rise in first-half profit before tax and net finance costs to $150 million, helped by output that jumped 43% year on year.

The increase in production, however, was weaker than expected, prompting the company to lower full-year output guidance to between 42,000 and 44,000 barrels of oil equivalent per day (bbl/d), down from the 44,000 to 48,000 bbl/d previously expected.

Offshore