Pioneer Updates Oooguruk Field Development
Pioneer Natural Resources Company announced that development activities at its Oooguruk field on the North Slope in Alaska are progressing on schedule and the production processing and services agreement with the Kuparuk River Unit owners has been completed and signed. Under the agreement, production from Oooguruk will be transported by flowline to facilities at the Kuparuk River Unit for processing and subsequent transport through the Trans Alaska Pipeline System. The Kuparuk River Unit is operated by ConocoPhillips Alaska, Inc.
The production handling agreement is the first of its kind between the owners of two North Slope units and an important milestone for the Oooguruk project which will be the first field operated by an independent oil company in the history of the North Slope.
Pioneer expects first oil production from Oooguruk during the first half of 2008, with first sales by mid-year. Production is expected to peak during 2010 at 15,000 to 20,000 gross barrels of oil per day from approximately 40 development wells (approximately half of the wells will be producing wells and half will be injection wells). Pioneer operates the field with a 70% working interest. ENI Petroleum Co. Inc. holds a 30% working interest in the field. From exploration wells to first production, Pioneer expects to bring Oooguruk on line in five years, an unprecedented cycle time for a new, offshore field on the North Slope.
"We are very appreciative of the cooperation received from the owners of the Kuparuk River Unit in completing this production handling agreement," stated Scott Sheffield, Pioneer's Chairman and CEO. "Oooguruk production facilities are in place, and drilling is underway with plans to drill 13 to 15 wells during 2008. We expect the project to generate steady growth as more wells are drilled each year through 2010. Steady growth from this project and our other assets is the basis for the 12+% growth target we've set for company-wide annual compound average production per share growth through 2011."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea