EnQuest boss Amjad Bseisu hinted at a possible North Sea merger deal as he teased a "material UK transaction in the short term".
Ahead of EnQuest's AGM later today, chief executive Amjad Bseisu said the company "remains focused" on delivering a transaction.
Earlier this month, it was reported the mega-merger between EnQuest and Serica looked to be dead in the water after the companies failed to agree favourable terms in time.
But EnQuest now appears to have suggested a transaction could still take place - although it is not clear if that could be a revival of the Serica merger or something completely different.
While highlighting "excellent operational performance" across EnQuest's global portfolio, Mr Bseisu also took the opportunity to renew calls to scrap the windfall tax doing "irreversible damage" and driving job cuts across the sector.
He said: "The recent stepdown in commodity prices has further amplified calls for the UK government to remove the Energy Profits Levy and return the North Sea to a position of global competitiveness.
"The status quo, which sees the UK as the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist, is resulting in irreversible damage to this strategic national industry and is driving job losses across the sector.
"We remain focused on optimising our cost base to drive further efficiency, commensurate with a low commodity price environment.
"We have a strong track record of managing expenditure during times of low oil prices and will apply the same disciplined approach to our investment plans over the next 18 months.
"That discipline is also reflected in the way we have repositioned our balance sheet, which now provides a robust platform from which to grow our business.
"The diversified growth we have already delivered in South East Asia is creating a better balance within our portfolio and brings significant future opportunity.
"We remain focused on delivering a material UK transaction in the short term, and we are resolute in our belief that our relative advantages, both operational and fiscal, see us ideally placed as a North Sea consolidator."
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