Venture Production reports that average net daily production for 2007 was 41,228 barrels of oil equivalent per day (boepd), a decrease of 7.7% over 2006. During 2007, the benefit of Venture's strong underlying reservoir and well performance was constrained by certain exceptional operational events; higher than anticipated downtime on GKA, delay in the start-up of production from the Chiswick field, delay in start-up of production from Chestnut and the continued delay in the anticipated gas 'blow down' within the Birch reservoir. Elsewhere in the portfolio however, Annabel, Saturn and Goosander all outperformed expectations with strong individual field performances in each case.
During the second half of 2007, Venture continued the development of its North Sea asset base, participating in the drilling of eight new wells and bringing one new field on stream. In addition, the company has either completed or reached important milestones on a number of key projects which, in aggregate, have substantially de-risked a number of its core assets.
At Dec. 31, 2007, net proven and probable reserves are estimated to total 202.4 million barrels of oil equivalent (MMboe), including the company's proportionate share of reserves in Trinidad. This represents an 8.5% fall from end 2006 and is principally the result of production in the year and the re-categorisation of probable reserves from the Pilot field to contingent resources as previously indicated it also reflects the absence of any completed acquisitions of proven and probable reserves during a period in which business development activity has largely delivered important additions to our exploration and appraisal portfolio. Excluding the impact of Pilot, Venture's organic reserve replacement ratio was 90% for 2007.
In terms of hydrocarbon split, Venture's southern North Sea (SNS) gas fields contributed 60% of total 2007 production with the balance coming from Venture's portfolio of central North Sea ("CNS") oil fields.
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