3. Read Recent News Business

Equatorial Guinea Field Begins Production – posted by

posted by

In less than 2-1/2 years from sanction and seven months ahead of schedule, first oil flowed from the Aseng field into the floating, production, storage and offloading (FPSO) vessel on Nov. 6, according to PA Resources.

Oil production has steadily ramped with four subsea wells being brought online. The field is now producing approximately 50,000 barrels of oil per day (b/d) gross and will contribute around 3,000 b/d to PA Resources on a working interest basis.

Bo Askvik, president and chief executive officer, PA Resources, says, “The Aseng field increases our production and gives the company considerable additional cash flow. The field will contribute approximately SEK500 million ($7.4 million) after costs in the first year, which increases our financial flexibility.”

The project was completed approximately 13% below budget. The first tanker of oil from the Aseng field is expected to be offloaded in December 2011, noted the company.

The Aseng infrastructure also provides a hub for other developments, including the ongoing Alen field, which is on schedule for first production in 2013.

PA Resources has 5.7% participating interest in the Aseng field.  Its partners are Noble Energy, operator, 38%, Atlas Petroleum, 27.55%, Glencore Exploration, 23.75%, and GEPetrol, 5%

Leave a Reply

Your email address will not be published.