Marubeni Corp., through its UK subsidiary, Marubeni Oil and Gas Ltd., with Venture Production has first oil from the Sycamore field, one month ahead of schedule. Following the rejuvenation of the nearby Larch field in mid-2001, Sycamore represents the second successful development project in which Marubeni participates in the UK North Sea.
The Sycamore field is 260 km northeast of Aberdeen, in 110 m of water. The development is expected to cost $150 million and net for Marubeni is to be $50 million.
Marubeni, with Venture as operator, has been actively involved in the Sycamore project to complete installation of a subsea pipeline bundle and other facilities during severe winter months and to deliver first oil one month earlier than planned.
Sycamore's production this year is expected to be 20,000 b/d and net production for Marubeni's 35.5% interest to be 7,000 b/d. As a result, Marubeni's net production in the UK North Sea is expected to rise from 11,000 b/d to 18,000 b/d, and total net production, excluding LNG, all over the world will rise to 24,000 b/d. Sycamore's total gross recoverable reserves are expected to be 24 MMbbl of equivalent and net for Marubeni to be 8.5 MMbbl of equivalent.
03/17/03