By OGJ editors
HOUSTON, Dec. 14 -- Swift Energy Co., Houston, said its 2005 capital budget is likely to include $15-20 million for further development of Bay de Chene and Cote Blanche Island salt dome fields in South Louisiana. Work would begin in the second half of the year.
The fields are within 100 miles of another Swift-operated salt dome, Lake Washington (OGJ Online, Jan. 20, 2004).
Swift plans to acquire 100% interest in the fields for a combined $27.3 million, more than 80% of the value of which is allocated to Cote Blanche Island field. It is acquiring the interests from Enervest Management Partners Ltd., Houston, and another party.
About $50 million is required to fully develop the two fields, which contain proved reserves of 5.6 million bbl of oil and 9.8 bcf of gas, Swift said. Production is less than 1,000 boe/d net to the interests being acquired.
Cote Blanche Island field in St. Mary Parish produces oil and gas from Miocene sands at less than 11,500 ft to more than 18,500 ft on 4,215 gross acres. Discovered in the 1940s, the field has produced more than 132 million boe.
Bay de Chene field, in Lafourche and Jefferson parishes, has yielded more than 142 million boe since discovery in the 1940s. It produces oil and gas from Miocene sands at 1,500-13,000 ft on 14,000 gross acres.
Both fields have development and exploration opportunities. Each field has 10 producing wells, numerous nonproducing wells, a centralized processing platform, and several tank batteries.
Swift is acquiring existing 3D seismic data over Bay de Chene field and plans to merge it with 600 sq miles of 3D data that is part of its previously announced Barataria Bay and Lake Washington merged data set.