Talisman 1st Half North Sea Operation Overview, 2000

abarrelfullabarrelfull wrote on 02 Jul 2014 06:07

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Aug 1, 2000

Oil production from the North Sea increased to 119,375bbls/d in the second quarter, primarily as a result of a full quarter benefit of the acquisition of Texaco's interests in the Fourth Round Assets (Piper and Claymore area) and the acquisition of Texaco's 100% interest in the Tartan, Highlander and Petronella assets on March 31, 2000.

In addition, the performance of the Ross field continued to improve during the quarter with full water injection having started in the first quarter. Ross gross oil production capability is now over 30,000 bbls/d with no water being produced. The Blenheim and Bladon fields were shut down for decommissioning as planned. Gas production was relatively steady at 135 mmcf/d.

The acquisition of a 60% operated interest in the Halley discovery was announced during the quarter together with a 12.71% interest in the producing Fulmar field. Development planning for Halley by extended well drilling from the Fulmar Platform is proceeding towards first production in the second quarter of 2001 at a planned rate of 12,000 bbls/d.

At Buchan, preparations continued for the coiled tubing sidetrack drilling program and well operations started in June.

Blake field development continued on schedule with the first development well drilled during the quarter and the second well started.

Development of the Beauly field (Talisman 60% and operator) was sanctioned during the second quarter. Well completion is planned for the third quarter, with production start up planned for the fourth quarter of 2000 at a gross production rate of 10,000 bbls/d.

Operatorship of the Fourth Round Assets was transferred to Talisman on schedule and work programs are being implemented as planned. Transfer of operatorship of the adjacent Tartan, Highlander and Petronella fields is planned for the fourth quarter of 2000.

An exploration well at Marcel adjacent to Beatrice was drilled and found non-commercial hydrocarbons. The promising North Leven exploration well spudded during the quarter and will be tested this month.

Unit operating costs continued to decline during the second quarter and are now significantly less than the plan to be under $9/boe for the year. Cost reductions result from a combination of recent acquisitions, increased volumes, operating synergies, cost
reduction programs, and a more favourable exchange rate.

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