LONDON (Thomson Financial) - Venture Production Plc, the North Sea oil and
gas producer, said production grew 8 percent to 45,700 barrels of oil equivalent
per day in the first half as new wells in the Chiswick field came on stream.
Except for the timing delay in the Chestnut project, Venture said production
performance was broadly in line with its expectations.
"Timing of first oil from Chestnut clearly remains the principal uncertainty
of second half production performance which in aggregate we expect to be
somewhat higher than the first half and we anticipate average daily production
for 2008 to be within the previously announced guidance range," the company said
in a trading statement.
Venture said it remains "highly confident" in its outlook for 2008 and
beyond amid strong energy prices.
"Alongside a favourable outlook for commodity prices this means we can look
forward to operational cashflow generation significantly in excess of levels
anticipated when these projects were sanctioned," it said.
monicca.egoy@thomsonreuters.com
mbe
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