EnQuest shares rise after Petronas recognition

(Sharecast News) - EnQuest shares were rising on Tuesday morning, after the company was named Petroleum Arrangement Contractor of the Year at the Petronas Emerald Awards in Kuala Lumpur, marking the second consecutive year it received the top honour. It was also the first time in the history of the awards that a company had retained the title.

The London-listed firm's Malaysian operations also received the Abandonment Excellence award, with Malaysia's national energy company Petronas recognising EnQuest's performance across operational, governance, and regulatory benchmarks, as well as its collaboration with industry stakeholders throughout 2024.

EnQuest said the awards affirmed its decade-long presence in Malaysia and underscored its growing reputation in the south east Asian upstream sector.

The company said it had recently advanced a series of growth initiatives in the region, including the award of the DEWA PSC, a gas agreement at Seligi 1b, the acquisition of Harbour Energy's Vietnam business, and new PSC awards at Gaea and Gaea II in Indonesia.

EnQuest said it was targeting production of more than 35,000 barrels of oil equivalent per day in south east Asia by the end of the decade through a combination of optimisation, organic investment, acquisitions and regional expansion.

"To receive this recognition once is a great honour; to receive it twice, back-to-back, is a powerful testament to the consistency, capability, and commitment of the EnQuest team, both onshore and offshore," said south east Asia general manager Radzif Ahmed.

"It is also a reaffirmation of the vision we share with Petronas in advancing Malaysia's upstream sector."

Ahmed said 2024 was "a significant year" for EnQuest Malaysia, noting that it celebrated our 10 years in Malaysia, the DEWA PSC awards, and enhanced Seligi gas development, alongside zero lost time injuries.

"We look forward to deploying our operational excellence as we deliver continued growth in Malaysia and across the region."

At 0956 BST, shares in EnQuest were up 2.15% at 12.4p.

Reporting by Josh White for Sharecast.com.