By OGJ editors
HOUSTON, June 22 -- Venture Production (North Sea Developments) Ltd., Aberdeen, has signed a letter of intent with Sevan Marine ASA, Tananger, Norway, for use of the cylinder-shaped floating production unit SSP 300 (Sevan stabilized platform) for development of Chestnut oil field in the central UK North Sea.
The field is on Block 22/2a about 13 km south-southeast of Chevron Corp.'s Alba oil field. With reserves of 7-15 million bbl of oil, Chestnut will be one of the smallest stand-alone field developments in the North Sea. The reservoir is the Eocene Nauchlan sand at 6,900 ft. The field has been appraised by six wells.
The SSP 300, which will operate in water 120 m deep, will have a process plant capacity of 30,000 b/d of oil and an oil storage capacity of 300,000 bbl and will contain a 20,000-b/d water injection plant. It will be installed in Chestnut field in first half 2007. Plateau production is expected to be 10,000 b/d of oil.
A new water injection well will be drilled as part of the development.
Venture is operator, and partners are Atlantic Petroleum UK Ltd. of the Faroe Islands and Bow Valley Petroleum (UK) Ltd., a subsidiary of Bow Valley Energy Ltd., Calgary.
