Venture awarded North Sea licenses

Venture Production has been awarded 15 new license interests in the UK 25th Seaward Licensing Round.

Offshore staff

LONDON -- Venture Production has been awarded 15 new license interests in the UK 25th Seaward Licensing Round. In each case, Venture has been awarded a traditional license and will be the operator of 12 licenses. The company will be driving a program of technical review and seismic re-processing across the new portfolio and on two of the new blocks it has already made firm commitments to drill a well by the end of 2012.

The new acreage covers both gas and oil prospects in nine blocks and part-blocks across the southern North Sea and six across the central North Sea. Venture was successful in 15 out of its 20 license applications. In addition, seven other applications in the southern North Sea area have not been finalized, pending further environmental consideration.

In keeping with Venture's model that targets discovered but as yet undeveloped accumulations, four of the licenses contain wells that have previously found oil or gas. The company's sub-surface team, working in conjunction with its partners, has prioritized those licensee blocks that it considers to have both the greatest untapped potential and are close to existing infrastructure.

In many cases, Venture has control over the potential export route, thereby increasing the probability that any drilling success will rapidly lead on to field development and new production, the company says.

11/14/2008

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