Hummingbird FPSO Reaches North Sea's Chestnut Field

Venture Production's Sevan Hummingbird floating production, storage and offtake unit ("FPSO") has reached its location over the Chestnut oil field.

The vessel left the Keppel Verolme shipyard in Rotterdam on 15 December and has since been towed onto location and anchored in UKCS Block 22/2a in the central North Sea. This block contains the Chestnut field in which Venture has a 69.875% interest and is the field operator.

Chestnut has net recoverable reserves estimated at 6.5 million barrels of oil equivalent ("MMboe") and is expected to commence production at net rates of around 9,000 barrels of oil equivalent per day ("boepd").

"This is another important milestone for Venture," said CEO Mike Wagstaff. "The Hummingbird is an innovative re-usable flexible and low cost solution specifically designed to enable the development of remotely located stranded oil reserves. As well as a cost effective solution for Chestnut, it provides us with the option to redeploy it elsewhere in our portfolio in circumstances where a low cost floating production unit can deliver a more attractive return on capital than a conventional sub-sea tie back or ship-shaped unit."