(Houston) ATP Oil & Gas has taken 100% ownership of the undeveloped Venture field in the UK southern North Sea. The company is buying ConocoPhillips' 50% stake, subject to approval from the UK's Department of Trade and Industry.
Venture is located 145-km east of the Yorkshire coast in 75 ft of water. The field has been defined by two vertical wells, which have tested gas at flow rates of 35 and 74 MMcf/d. ATP plans to develop the field with a production platform and a pipeline linked to a host facility, with start-up planned for the first half of 2007.