EnQuest has confirmed that the first oil from the Kraken development in the North Sea has been delivered.  

The initial ramp-up period saw 13 wells being drilled and completed and then brought online in a phased manner. 

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The 13 wells comprise seven producers and six injectors.

EnQuest CEO Amjad Bseisu said: "EnQuest is delighted to confirm that first oil has been achieved on the Kraken development, delivered on schedule and under budget. Drill centres 1 and 2 are fully complete and work continues on drill centre 3; as a result, further production capacity will come online into 2018 as these further wells are put on-stream.

"Kraken is a transformational project, made possible by EnQuest’s differential capabilities; the right mix of integrated technical capabilities, high levels of efficiency and cost discipline. With production from Kraken, EnQuest is moving from a period of heavy capital investment, to a focus on cash generation and deleveraging the balance sheet."

A further update and analysis will be provided in EnQuest’s half-year results of fiscal year 2017.

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"This is a landmark project for EnQuest and the UK oil and gas sector as one of the largest new oil fields to come on-stream in the North Sea in a decade."

EnQuest major projects head Richard Hall said: "The achievement of producing first oil from Kraken on schedule and considerably under budget is a great testament to the capabilities of EnQuest. I am extremely proud of the EnQuest Kraken team for their dedication, vison and sheer hard work and thank them for this exceptional performance.

"Our approach of rigorous planning, simplification of specifications and clarity in execution methodology has enabled us successfully to deliver this highly complex project."

UK Business and Energy Secretary Greg Clark said: "This is a landmark project for EnQuest and the UK oil and gas sector as one of the largest new oil fields to come on-stream in the North Sea in a decade. This has been made possible through significant UK Government support to encourage investments of this type in the North Sea, supporting thousands of highly skilled jobs.

“We’ll continue to build on this support for the oil and gas sector as it looks to seize the significant opportunities that lie ahead."

Successful production from Kraken can open more opportunities for heavy oil in the northern North Sea. 

UK Oil & Gas Authority chief executive Dr Andy Samuel added: “It’s particularly pleasing to see a project delivered under budget, having clearly benefitted from a strong partnership between operator and key service providers.”