FIELD ACTIVITIES / Ranger Oil Limited Banff and Pierce Fields in the U.K.
North Sea on Production
CALGARY, Feb. 2 /CNW/ - Ranger Oil Limited is pleased to announce that
the Banff and Pierce fields commenced production during this past weekend.
The Banff field is expected to reach full production of 60,000 barrels of oil
per day (bopd) shortly and Pierce will achieve its plateau rate of 45,000 bopd
in two months time. Combined, these fields will provide Ranger approximately
22,000 barrels per day of light oil and 8 million cubic feet of sales gas per
day. The Kyle field, which lies 12 kms. from the Banff field, will be tied
into the Banff facilities this summer and contribute an additional 4,000 bopd
net to Ranger.
Both the Banff and Pierce fields were discovered by Ranger and are
located approximately 200 kms. east of Aberdeen in the U.K. sector of the
North Sea. The Pierce field is named after Ranger's late founder, Jack Pierce.
Fred Dyment, Ranger's President and C.E.O. commented, ''The start-up of
these two fields represents a new milestone for Ranger in the North Sea. Both
fields were discovered by Ranger and developed utilizing cost-effective and
innovative concepts. The combined production from Banff and Pierce will
represent approximately 30 percent of Ranger's total oil production this year
and will set the stage for a further increase with the commencement of the
Kyle field in about six months time.''
Ranger's interests in the fields are as follows:
Field Percent
Banff 26.2
Pierce 15.6
Kyle 40.0
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