Venture in expansion mode

Venture Production has spudded its latest exploration well in the UK southern North Sea, on the Channon prospect.

Offshore staff

ABERDEEN, UK --Venture Production has spudded its latest exploration well in the UK southern North Sea, on the Channon prospect. It also has lifted its gas production in the area, thanks to a 15% interest in the newly onstream Mimas field, operated by ConocoPhillips, which is currently outputting 50 MMcf/d.

According to Venture's chief executive Mike Wagstaff, the next six months will provide the busiest period of development activity in the company's history. It will have three mobile drilling rigs on duty, with a total of 15 development projects at varying stages of maturity.

In the central North Sea, Venture has completed laying the Greater Kittiwake Area oil export pipeline, taking production from GKA fields directly to the Forties transportation trunkline. The new line, due to be operational by the fall, should improve operational uptime substantially, as well as lowering overall operating costs.

06/06/2007

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