ATP Expects to Increase 2003 Production by 10% - 13%
ATP Oil & Gas expects production in 2003 to range between 29 - 30 Bcfe, a 10% to 13% increase over 2002 and the eighth consecutive increase in annual production. In the first quarter 2003, production is expected to be 5 Bcfe. In the second quarter 2003, production is expected to increase 20% to 40% to 6 - 7 Bcfe.
The company recently announced that our first two developments this year in the Gulf of Mexico, West Cameron 101 and Eugene Island 71, were successfully completed and placed on production during March 2003, increasing total company production to 73 MMcfepd. Our third Gulf of Mexico development for 2003, West Cameron 284, is expected to be completed and placed on production by the end of the second quarter. We also anticipate our first U.K. development, Helvellyn, will commence production in the second quarter. Accordingly, exit rate production at the end of the second quarter is expected to be 100 MMcfepd.
In the second half 2003, our Gulf of Mexico blocks Garden Banks 142, 186, and 187 (Matia-Cabrito) as well as Ship Shoal 358 will be developed with first production anticipated in the fourth quarter. Exit rate production at year- end is expected to be 105 MMcfepd.
|1Q03||5 Bcfe (100% Gulf of Mexico)|
|2Q03||6 - 7 Bcfe (90 - 95% Gulf of Mexico)|
|2003||29 - 30 Bcfe (80 - 85% Gulf of Mexico)|
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