Kraken Can Double North Sea Production: EnQuest CEO

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March 26 (Bloomberg) -- Amjad Bseisu, CEO at EnQuest, discusses full year results and increased production targets for 2014 on Bloomberg Television’s “On The Move.”

Are you comfortable with what you're doing now?

Can you step up production?

How many barrels of oil will be produced?

Our target for this year is 25,000 to 30,000. 12.5% to 15% increase over last year.

We had a 16% growth over last year and almost 100% since we started.

We are seeing visibility to get 50,000 based on our new sanction project.

4 billion pounds in investment.

You're on target.

Slightly ahead.

We're on target from 2013 based on the range that we gave.

What are you doing with the cash you have?

Is it for acquisitions?

Is it for upkeeping of what you have currently?

It is both but mostly reinvesting in the -- to take contingency resources that have yet to be developed and put them into development mode.

We have been able to increase our reserves significantly from start-up.

Last year we had a 52% increase in reserves.

Primarily because of the project they mentioned that was sanctioned.

Any acquisitions that you're looking at?

We have done two acquisitions last year.

Took over the area from -- that is mature field.

That we are able to extend life and add more reserves.

Specifically because we had two discoveries very close to that field and will be able to put those in the infrastructure.

You said in november you were looking at things in southeast asia and north africa.

Are you still looking or has anything actually come through that you can't tell us about but that you're tracking closely.

I can't tell you, as you know.

We have -- first of all, the north sea is primarily our business.

100% of our production and 90% of our investment this year is in the north sea.

We have a similar business model taking assets and developing those.

We have assets in malaysia where we took over some old shell acerage and looking for extension of the fields and we have a deal in tunisia where we expect to have a -- how concerned are you about the political situation?

This will have an impact on the way you do business, especially since all the parties here in london said if scotland is independent, they won't have a pound.

Again, the decision on the -- is clearly for the scottish people.

I think that will come in september.

For our business, clearly the vote for westminster as well as scotland, the oil business is extremely critical.

It is the largest industrial business in scotland by far.

Second largest in the u.k.. i think we will continue to see support in terms of investment.

You have a contingency plan or are you making one now just in case?

I'm surprised at two things actually.

I was going to ask you about the contingency plan.

We speak to a lot of coast and we haven't really had a voice from the business community saying this is good for their business.

To be honest, i think an independent scotland and u.k. will be good for our business.

They want to invest significant amounts in the north sea.

Do we have backup plan?

It is plan a and b and c. we will continue investing in the north sea and continue trying to produce more and we are in a unique position to take over assets from larger companies leaving the north sea.

We're able to invest if those assets.

Thank you.

The c.e.o. of enquest.

Coming up on "market movers," after heated disputes over the panama canal expansion, we'll ask the c.e.o., one of the partners in the expansion,

This text has been automatically generated. It may not be 100% accurate.


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