Offshore staff
Current field production is approximately 48,000 b/d from four wells, and is expected to ramp up to 65,000 b/d in early 2006 when an additional four producers are brought online. Production of associated natural gas will increase to about 15 MMcf/d by the end of the year.
"The completion of the Baobab development is a significant event for Canadian Natural Resources as it represents our first deepwater exploration and development project. The fact that we completed the Baobab development in a 4.5-year cycle time frame from initial discovery to first production, in a tight market, shows that we have developed significant in-house expertise and that our management systems are effective in this new and challenging operating environment. We can leverage this expertise towards other projects throughout the company," said Steve Laut, president and COO of Canadian Natural Resources.
Production from the wells is processed on the 2 MMbbl "Baobab Ivoirien" FPSO. The crude oil is sold directly from the vessel and the natural gas is piped to shore for power generation.
The Baobab field was discovered in 2001. Following appraisal drilling in 2002 and extensive 3D seismic mapping, the development plan for the field was approved in July of 2003.
Canadian Natural has a 57.61% equity in the Baobab field with partners PETROCI Overseas Limited holding 10%, PETROCI has 5% and Svenska Petroleum Exploration CI AB holds 27.39%.
(Aug. 19, 2005)
