Oil & Gas Corporate News
Zhaikmunai LP (ZKM, 10.60p, ? 3.46%) today provided an operational update on its Gas Treatment Facility (GTF) as well as a specific review for the period from 1 January to 31 March 2011. Commissioning of the first train of the GTF has progressed further and test production of stabilised condensate, LPG (Liquid Petroleum Gas) and dry gas has continued since Zhaikmunai's last operational and financial update of28 April 2011. Cumulative test production, as of 26 May 2011, amounted to thefollowing: Stabilised condensate (test production started on 2 April, 2011): 100,629 boe, LPG (test production started on 2 April, 2011): 2,327 boe, Dry gas (test production sold to pipeline started on 4 May, 2010): 51,660 boe. Further progressive production ramp-up is scheduled with the on-going commissioning of the sulphur recovery unit (amine tower). Current estimated total production has increased significantly with the test production of stabilised condensate, LPG and dry gas from the GTF. Crude oil production has temporarily decreased in the first quarter to 2011 due to workover operations on wells 24 and 30 and to technical preparation of wells 28 and 115 towards the commencement of GTF test production.
Northern Petroleum (LON:NOP) (NOP, 112.5p, ? 2.60%) announced that it will be revising its 2011 production forecasts and is making changes to reserve estimates in the Netherlands. The adjustments concern three of the five gas fields operated by Northern. The revisions to reserves follow an ongoing economic and technical evaluation. Reprocessing of the 3D seismic data over Geesbrug and Wijk en Aalburg fields, plus much of the rest of the Netherlands acreage has been underway for some time. When it has been received and interpreted, the static and dynamic field models will be updated with the production data later this year, it will then be possible to make a further assessment of the reserves. Northern has not as yet had the opportunity to review these reserve adjustments with joint venture partners but believes it to be prudent to make a reserves revision now. The above revisions reduce the Groups 2P reserves by 75.24 Bscf, which is the equivalent of 12.97 million barrels of oil equivalence. When the Company issued its results for the six months ended 30th June 2010, it reported Group 2P reserves of 102.67 million barrels of oil equivalence. Following these changes to reserve estimates for Geesbrug,…
