Nexen Advances Start-up of the Fourth Buzzard Platform and Maintains Original Annual Production Guidance Range

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September 24, 2010

Nexen Inc. announces that hook-up and commissioning of the fourth platform at Buzzard in the North Sea is progressing well and start-up activities are being advanced from early next year to take advantage of cost efficiencies. As a result, start-up of the new platform will commence in October and fourth quarter production volumes at Buzzard are expected to be approximately 70 to 90% of normal. Production is expected to return to full rates before year end.

“We are making excellent progress readying the fourth platform at Buzzard,” said Marvin Romanow, Nexen’s President and Chief Executive Officer. “Many of the people currently involved in hook-up and commissioning activities are the same people that will be involved in the start-up. By moving immediately
to the start-up phase, we maximize cost efficiencies and shorten operational disruptions.”

We are on-track to be well within our original annual production guidance range of 230,000 to 280,000 boe/d, before royalties. This reflects strong production volumes from our legacy assets together with the ramping-up of Ettrick to full capacity, continued progress ramping-up Long Lake, and a successful shale gas fracing and completion program that is nearing first production early in the fourth quarter. These have been sufficient to absorb the impact of the sale of our Canadian heavy oil properties for an attractive value, advancing the start-up of the fourth production platform at Buzzard, unscheduled downtime at Buzzard to repair the separator and an eight week shutdown of the Scott platform for the Forties pipeline operator to repair a valve failure.

“We continue to be on-track to deliver new production volumes of approximately 70,000 boe/d over the next 24 months from Long Lake, Usan and shale gas,” added Romanow. “And we also have numerous projects in the pipeline including Golden Eagle, Appomattox, Knotty Head, Owowo, shale gas and future oil sands phases to contribute to production volumes after that.”

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