Venoco Expects No Impact from Moratorium
Venoco announced that it does not expect the six-month drilling moratorium imposed by the Secretary of U.S. Department of the Interior on oil operations in Outer Continental Shelf waters deeper than 500 feet, to have any impact on the company's full-year 2010 production forecast.
"Our 2010 capital expenditure program includes one re-drill that will be delayed by the moratorium at our Sockeye field, which is offshore California," said Tim Marquez, CEO, "but we have ample onshore projects where we can redeploy the capital."
The company plans to drill at least ten wells in 2010 to delineate its onshore Monterey Shale prospects and has plans to drill about 100 wells in the Sacramento Basin.
- Oil Boom Built on Junk Debt Sees $19B Default Wave (Mar 11)
- Venoco Expects No Impact from Moratorium (Jun 07)
- Venoco Exceeds Production Guidance for 2009 (Feb 16)