Veba Boosts Production from Hanze Field

Veba Oil & Gas Netherlands B.V. (VOGNL) is producing 31,500 barrels of oil daily from its recently developed Hanze field. This represents almost two thirds of Dutch oil production. The oil field, situated in the North Sea, 200 km north of Den Helder, came on stream in August 2001 and is the first offshore chalk reservoir to be developed in the Netherlands. The field produces from two wells with two additional wells being used for injecting water back into the reservoir. Andy Price, Manager for Operated Assets at VOGNL commented: "We are very pleased with the execution of this fast track development, with production start up within a month of the original plan and a production capacity exceeding expectations." The managing director of VOGNL, Jörg Pigaht, added: "Hanze represents an important step into production operatorship for VOGNL and will contribute to the growth of the company in the Netherlands. We intend to build on the knowledge gained and look forward to commencing new projects in the near future." Produced oil from the Hanze field is being evacuated by a shuttle tanker and the gas exported via a pipeline into the existing system to Den Helder. VOGNL holds 45% interest in the field, with partners Oranje-Nassau Energie B.V. and Dyas Nederland B.V. each holding 20% and EDC (Europe) Limited holding 15%. VOGNL is a wholly owned subsidiary of Veba Oil & Gas GmbH (VOG), Germany.