Venture Production, the Aberdeen headquartered UK independent oil and gas production company, has announced that it has been awarded 15 new licence interests in the UK 25th Seaward Licensing Round. In each case Venture has been awarded a traditional licence and in 12 of these licences it will be the operator.
The Company will be driving a programme 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 9 blocks and part-blocks across the southern North Sea and 6 across the central North Sea. Venture was successful in 15 out of its 20 licence applications. In addition, a total of 7 other applications in the southern North Sea area have not been finalised, pending further environmental consideration.
In keeping with Venture's model that targets discovered but as yet undeveloped accumulations, four of the licences contain wells that have previously found oil or gas. The Company's sub-surface team, working in conjunction with its partners, has prioritised those licence 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.
Venture has a track record of rapidly capitalising on licence round awards. In February 2007, as part of the 24th Licence Round, Venture was awarded the licence to operate block 49/10b containing the Stamford gas discovery. After a successful appraisal/development well this year this new field is due onstream in early 2009. In the 22nd Licence Round Venture was awarded the licence to operate block 48/15b and, after extensive seismic reprocessing, plans to drill an exploration well targeting the Andrea prospect have been put in place for the first quarter 2009.
Posted 19/11/08
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