FIELD ACTIVITIES -- TOP 20 LISTED / Talisman UK Operations
TALISMAN UPDATES PROGRESS ON ROSS DEVELOPMENT
CALGARY, June 23 /CNW/ - Talisman Energy (UK) Limited, a wholly-owned
subsidiary of Talisman Energy Inc., and coventure partners today announced
that first production from the Ross oilfield has been rescheduled to January
1999. The development is 79% complete.
The contracted Floating Production Storage and Offloading vessel (FPSO)
is being fitted out at Clydebank, Glasgow. Slower than expected progress in
engineering, equipment deliveries and fabrication has resulted in rescheduling
the sail away of the FPSO to December 1998, based on productivity achieved to
date. This will result in first oil from Ross in January 1999.
The first three production wells have been completed and tested, with
horizontal sections of up to 4,800 feet in length. The most recent well has
just tested at an average rate of 10,200 bbls/d; this rate was constrained by
test facilities and 15,000 bbls/d will be achievable under production
conditions. In total, the first three production wells are expected to
contribute 30,000 bbls/d of the planned initial production rate of 40,000
bbls/d. The fourth production well is drilling in the reservoir and a fifth
production well and four water injectors remain to be drilled.
Fabrication and installation of the subsea equipment continues to
progress. The Ross hot-tap tie-in to the Frigg UK gas pipeline was completed
on behalf of the Ross coventurers in early June by Total Oil Marine p.l.c.
This is the first subsea hot-tap in the UK sector of the North Sea. The 25 km
long gas export pipeline from the Ross field to the Frigg tie-in has been laid
and the remaining subsea equipment will be installed in the field in July and
August of this year.
''We are confident that the new Ross schedule is robust. Talisman's
production for 1998 is ahead of plan to date and we expect to reach our target
of 240,000 boe/d for the year despite the delay of Ross first production.
Ironically, the deferral of Ross may prove to add value based on the forward
oil price curve,'' said Jim Buckee, President and Chief Executive Officer.
''This is the start of infrastructure in the area and Talisman is also
studying the potential to tie-back other nearby discoveries to the Ross
vessel.''
The coventure partners in the Ross field are Talisman Energy (UK) Limited
(51.99%), Lasmo North Sea plc (16.33%), Kerr McGee Petroleum (U.K.) Limited
(14.49%), Intrepid Energy North Sea Limited (13%) and Nippon Oil Exploration
and Production (MF) Limited (4.19%).
This release is available on Talisman's Internet Web Site:
WWW.TALISMAN-ENERGY.COM
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For further information: David Mann, Manager, Investor Relations &
Corporate Communications (403) 237-1196, Fax: (403) 237-1210, E-mail:
tlm@talisman-energy.com
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