March 19, 2020 / 7:36 AM / 21 days ago

EnQuest to break even in 2020 at $38/bbl oil price, shuts fields

LONDON, March 19 (Reuters) - British North Sea oil and gas producer EnQuest said on Thursday it aims to break even this year at $38 a barrel and does not expect to restart its Heather and Thistle/Deveron fields, which produced 6,000 barrel of oil equivalent per day (boed) last year.

EnQuest said it expected to produce between 57,000 and 63,000 boed this year, even after slashing operating costs by 30% to $375 million and investment cuts of $80 million to $150 million.

It added its 2021 production is likely to be impacted by these cuts. (Reporting by Shadia Nasralla; editing by Jason Neely)

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