RE: RE: If SMB should rally at all.. Successful start of production from Huntington oil and gas field
| April 12, 2013 Successful start of production from Huntington | |
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- Production of a new field in the North Sea started
- Total project investments exceeds £325 million
- E.ON is the operator of the oil field, owning a 25 % interest in the license
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Production from the Huntington oil and gas field in the North Sea has successfully started and highlights an important step for E.ON's upstream business.
"The production start at Huntington is an important milestone and illustrates our determination in developing our upstream business," said Jørgen Kildahl, member of the E.ON Board of Management.
"Huntington will contribute significantly to the company's near-term production growth and implementation of our business strategy," said Frank Sivertsen, CEO of E.ON Exploration & Production.
Total investments in Huntington exceed £325 million and the field has 27 million barrels oil equivalent (mboe) in gross reserves (E.ON E&P estimate).
The Huntington development includes the Voyageur Spirit FPSO (floating production, storage and offloading vessel) specifically modified to meet the field requirements, six wells and a 12 km gas export pipeline connected to the BP CATS transportation system, allowing export of gas to the UK. Huntington is located some 230 kilometres east of the British coast in water depths of approximately 90 metres. The production facilities will have a production capacity of around 30,000 barrels of oil per day.
E.ON Exploration & Production is a growth segment within E.ON and is active in four focus regions: the UK, Norway, Russia and North Africa. Production will increase significantly in the coming years as more fields are brought on stream. E.ON E&P has an increasing number of projects in which it is the operator.
E.ON is the operator of the field, owning a 25 % interest in the license. The other partners in the license are Premier (40 %), Noreco (20 %), and Iona Energy (15 %). P.S. They also get a 2.55% royalty on all production from Huntington so its 17.55 % of production at Huntington right now!