Harvest Begins Production from West Bombal Field
Harvest Natural Resources reports that the West Bombal Field in the South Monagas Unit, Venezuela started production from a recently drilled development well. The well is currently producing at a stable rate of approximately 2,500 barrels of oil per day. Up to two additional oil development wells are scheduled to be drilled in West Bombal this year. The oil will be delivered through a new pipeline which connects to the Tucupita pipeline and delivers oil to the Uracoa processing facility. Current oil production by the Company's Venezuelan affiliate, Benton-Vinccler, is approximately 24,000 barrels of oil per day, in line with previous guidance.
In addition, Benton-Vinccler received $19.3 million in May for oil delivered to PDVSA during the first quarter. Benton-Vinccler received $15.53 per barrel for the 1.2 million barrels of first quarter production, on time and in accordance with the Operating Service Agreement.
Harvest President and Chief Executive Officer, Dr. Peter J. Hill, said, "We are pleased to deliver the first oil from West Bombal as planned. The well was completed within budget and will assist us in reaching our 30 to 50 percent production growth over the next two years to projected 2004 exit production rates of 35,000 to 40,000 barrels of oil equivalent per day. Also, our gas project remains on schedule to deliver first natural gas sales in the fourth quarter of 2003."
- Venezuela Wants Oil Firm Harvest Out, If It Can Find Deep-Pocketed Buyer (Apr 20)
- Harvest Scores Another Success Offshore Gabon (Feb 11)
- West African Find for Harvest (Jan 04)