Roc Oil Reduces Production at Zhao Dong Block
ROC and its co-venturers, including PetroChina, which holds a 51% interest in the Zhao Dong Block, are currently discussing the Annual Production Forecast for 2007 in order to ensure that it appropriately reflects the fields' productive capabilities. In the meantime, a proposal to expand the production capacity of the fields is being prepared for Government consideration so that production may be restored to a higher level.
The temporary reduction of production at Zhao Dong will not cause ROC to lose any reserves but rather it will defer a small portion of the Company's production to a later stage of the fields' lives. Although in the immediate term ROC's net production from Zhao Dong will be reduced by almost 2,000 BOPD, possibly until end-2006, ROC's company-wide production will reduce by about 1,000 BOPD due to a partially offsetting recent increase in production at the Cliff Head Oil Field, offshore Western Australia.
Commenting on the situation, ROC's Chief Executive Officer, Dr. John Doran, stated:
"Western oil companies don't often come across the concept that oil production may need to be temporarily reduced because a field has out-performed expectations. In fact, we are much more familiar with situations where production is reduced because a field has under-performed. ROC greatly values its developing relationship with PetroChina and it fully recognizes, that the Government has specific planning criteria which need to be reflected in the late 2006 production profile at Zhao Dong."
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- 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
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- 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
- 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
- Standard Chartered Reiterates $94 Brent Call