Mikey,
Up a buck yesterday, and up a buck so far today. I could like oil better then tech stocks at that rate. COC has 31.7% of the Banff field.
NW
Petroleum Geo-Services Announces Commencement of Oil Production From 'Ramform Banff
HOUSTON and OSLO, Norway--(BUSINESS WIRE)--Feb. 1, 1999--
Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) announced today that
its floating production, storage and offloading vessel (FPSO),
"Ramform Banff," commenced oil production from the Conoco operated
Banff field in the U.K. sector of the North Sea. The field, located
125 miles east of Aberdeen, Scotland, was opened with an initial
production rate between 6,000 and 34,000 barrels of oil per day
("bopd") during the first three days of production. Plans call for
Banff production to increase to a peak of approximately 60,000 bopd.
The Banff field is estimated to have reserves of 80 million barrels,
and its productive life is expected to span at least 8 years. Initial
production will come from 2 wells supported by 2 water-injection
wells.
The "Ramform Banff" is contracted by Conoco for the life of the
field under a tariff-based compensation plan that allows Conoco, its
Banff partners, and PGS to maximize additional oil development
potential that exists in the area. Under these terms, production from
Ranger Oil's nearby Kyle field will be added to the "Ramform Banff"
later in the year. This field is estimated to have between 30 and 40
million barrels of oil.
The "Ramform Banff" is a purpose-built FPSO designed by PGS
Offshore Technology, constructed at the Hyundai Mipo yard in South
Korea and fitted out at Aker McNulty's yard in Newcastle, England for
PGS Floating Production. The vessel is based on the Norwegian Ramform
design that has been successfully employed in PGS' seismic fleet for
several years. It can produce up to 95,000 bopd, inject up to 89,000
barrels of water per day, and handle up to 72 million standard cubic
feet of gas per day. The vessel can store 120,000 barrels of processed
oil. All production will be offloaded to dedicated shuttle tankers for
transport to market.
The "Ramform Banff" joins a PGS FPSO fleet that also includes the
"Petrojarl I" and the "Petrojarl Foinaven," both built and operated by
PGS subsidiary Golar-Nor. Project management for construction of
"Ramform Banff" was carried out by PGS subsidiary Atlantic Power, who
will also crew and operate the ship. Atlantic Power operates three
additional floating production systems under contract to various oil
producing companies as well as numerous other production facilities in
the UK sector of the North Sea.
Reidar Michaelsen, PGS' chairman and chief executive officer,
commented, "We are extremely pleased to have achieved this momentous
milestone. The Banff project is a perfect example of the success that
can be achieved through oil company and oil service company
cooperation and the use of advanced technologies. We are pleased to be
an integral part of this success story. Furthermore, with the
addition of the "Ranform Banff" to PGS' FPSO fleet, the Company has
developed a significant backlog relating to its FPSO business. This
backlog also adds stability to PGS' future revenue stream."
Petroleum Geo-Services is a technologically focused oilfield
service company involved in the business of acquiring, processing,
managing and marketing 3D and 4D marine seismic data. Such data is
used by oil and gas companies in the exploration for new reserves, the
development of existing reservoirs, and the management of producing
oil and gas fields. The Company also provides floating production
systems, offshore management services, data management solutions, 4D
and 4C reservoir monitoring and characterization studies and other
specialized geophysical services. PGS operates on a worldwide basis
with headquarters in Houston, Texas and Oslo, Norway.
The information included herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on certain assumptions and analyses made by the
Company in light of its experience and its perception of historical
and future trends, on general economic and business conditions and on
numerous other factors, including expected future developments, many
of which are beyond the control of the Company. Such forward-looking
statements are also subject to certain risks and uncertainties as
disclosed by the Company from time to time in its filings with the
Securities and Exchange Commission. As a result of these factors, the
Company's actual results may differ materially from those indicated in
or implied by such forward-looking statements.
*T
BANFF OIL FIELD
Key Facts
The Banff field was discovered in August 1991 by well 29/21a-6.
It was named by Ranger Oil (U.K.) Limited, a partner in the field, who
sometimes identify their fields with places in both Canada and the
United Kingdom. The Scottish town of Banff lies 50 miles northwest of
Aberdeen. Its Canadian counterpart is a town and national park in the
Rockies.
Location: In UKCS blocks 29/2a and 22/27a,
approximately 200 kilometers east of
Aberdeen, Scotland
Partners: Conoco (U.K.) Limited (operator) 31.70%
Ranger Oil (U.K.) Limited 26.20%
Enterprise Oil Exploration Limited 27.90%
British-Borneo Oil & Gas Plc 12.40%
Petrobras North Sea Limited 1.80%
Discovery Date: August 1991 by well 29/2a-6
Full Development Plan February 1997
approval by UK
Government:
Estimated recoverable 80 million barrels of crude oil and 56
reserves: billion cubic feet of natural gas
Peak production: Approximately 60,000 barrels of oil and 40
million standard cubic feet of gas per day
Reservoir geology and Palaeocene sands and underlying fractured
depth: chalk reservoir at depths between 1,371
meters and 2,317 meters
Development wells: Two production wells (29/2a-B1 & 29/2a-B2),
which were drilled for the early
production phase, and two water injection
wells drilled in 1997. Additional producers
and injectors will be added as incremental
reserves are identified. Reservoir pressure
is maintained by water injection.
Water depth: 100 meters
Field life: Approximately eight years, including the
six months of the early production phase.
BANFF OIL FIELD
"RAMFORM BANFF" FPSO VESSEL
Key Facts
Hull fabrication: Hyundai Mipo dockyard Co. Ltd., South Korea
Topside design & Aker Oil and Gas Technology UK plc and
fabrication: Aker McNulty yard, Newcastle, England
Topsides weight: 4,000 tons
Hull type: Ramform B-380
Hull weight: 10,000 tons (excluding topsides modules
and helideck)
Hull load bearing 16,000 tons
capacity:
Crew: 40
Length: 120 meters
Breadth: 54 meters across the stern
Mooring system: Fully weathervaning turret, 10-leg wire and
chain mooring system designed for station
keeping in 100-year storms
Storage capacity: 120,000 barrels of oil (protected by a double
hull)
BANFF 3rd PARTY TOTAL
Processing
capacity: Total
Liquid: 90,000 bopd 50,000 bopd 140,000 bopd
Oil
Processing: 60,000 bopd 35,000 bopd 95,000 bopd
Gas Export: 45 million scfd 25 million scfd 70 million scfd
Water
Injection: 85,000 bopd -- 85,000 bopd
The process system can handle anticipated Banff flow rates
and has additional capacity for potential third party
production. There is also flexibility to install a second
subsea manifold, additional risers, or tie-ins to the
existing manifold.
*T
CONTACT:
Petroleum Geo-Services, Houston
J. Chris Boswell, 281/589-7935
or
Sam R. Morrow, 281/589-7935
www.pgs.com |
