Offshore staff
OSLO -- Venture Production has signed an agreement with Wintershall to acquire two undeveloped discoveries in the Dutch offshore sector. Venture has agreed to acquire the Wintershall Noordzee operated interests in Dutch offshore blocks A15a (27.0%) and B17a (23.5%) containing the A15-2 and B17-5 (shallow) gas discoveries. Subject to the customary regulatory approvals, Venture will become operator on completion of the acquisition.
A15-2 gas discovery (27% operated interest)
The Wintershall operated A15-2 field is located adjacent to the A12, B10, and B13 gas fields that are currently being developed. The A15-2 field comprises gas in Pleistocene sands at relatively shallow depths, according to the company. Venture estimates base case gross recoverable resources to be around 65 bcf. The field has been penetrated by two wells, with well A15-3 having tested gas at over 10 MMcf/d. The company's likely development plan includes up to four development wells drilled from a satellite platform connected to the A12-A host infrastructure via a 10-in. (25-cm) pipeline.
B17-5 gas discovery (23.5% operated interest)
The B17-5 field is located 10 km (6.2 mi) northwest of the Hanze field and was discovered by well B17-6 drilled by Wintershall in 1997. Venture estimates base case gross recoverable resources to be around 35 bcf. As with A15-2, the gas reservoir is the relatively shallow Pleistocene sands and the development plan the company envisions is similar with two wells and a platform tied back to the A6-F3 pipeline.
"The acquisition of operated interests in the A15-2 and B17-5 gas discoveries is our second expansion deal in the Netherlands this year and the eighth deal announced by Venture in 2008," says Mike Wagstaff, chief executive of Venture. "These acquisitions clearly play to Venture's strengths as an established and experienced development operator focused on increasing production in both the UKCS and Dutch sectors of the North Sea.
We aim to bring these discoveries into production over the next three years and at current forward curve prices for continental gas this makes the acquisition and development of such assets a highly attractive way to redeploy some of the substantial operating cashflow we are currently generating."
07/09/2008
