Canadian Natural Resources Upbeat on UK Prospects

Canadian Natural is upbeat about the prospects of extracting additional value from the oil fields surrounding the Ninian and Murchison platforms in the North Sea. During the second quarter, the Company drilled three oil wells and one water injector well targeting unswept oil reserves within the Ninian, Murchison and Columba fields. In addition, a number of productive wells were re-entered to access behind pipe reserves. These wells provided average rates of 5,200 bbls/d of oil with significant higher initial rates. Initial production levels from these wells enabled the Company to produce at levels similar to the first quarter despite the shut in of 17,000 bbls/d of production for 25 days at the Ninian South Platform. These results follow a successful first quarter program and continue to indicate the potential of the field redevelopment program initiated by Canadian Natural.

Early in the third quarter of 2003, the Company further consolidated ownership interests to 87.6% in the Banff Field located in the Central North Sea. The Company acquired approximately 4,500 bbls/d of production via an additional 31.7% working interest and assumed operatorship of the Banff Field and Block 29/2a, all subject to partner and Government approval. Canadian Natural now operates 99% of its North Sea production and maintains an average ownership interest of about 80% in its properties.

In late July 2003, Canadian Natural was the successful bidder on 6 new exploration licenses at the UK Governments' 21st Seaward Licensing Round. These Blocks provide for additional exploration lands adjacent to the Ninian hub in the Northern North Sea.

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