Mar. 12. 2003
Marubeni Corporation, through its UK subsidiary, Marubeni Oil & Gas (UK) Limited, with Venture Production plc, the Aberdeen based UK independent oil and gas production company, today announces that its Sycamore field entered production, about one month ahead of initial project expectation, April 2003. Following the rejuvenation of the nearby Larch field in mid-2001, Sycamore represents the second successful development project that Marubeni participates in UK North Sea.
(Notes: The Sycamore field is located 260km miles north east of Aberdeen, in about 110 meters water. UK government approval to develop Sycamore was granted in May 2002. Marubeni, together with partner Venture, has been deeply involved to drive the project in the most efficient manner. The development is expected to cost about US$150 million and net for Marubeni to be about US$50 million.)
Marubeni, together with Venture as operator, has been actively involved in Sycamore project to complete installation of sub-sea pipeline bundle and other facilities in an excellent manner during severe winter months and to deliver first oil almost one month earlier than originally planned.
Sycamore's production this year is expected to be 20,000 boed and net production for Marubeni's 35.5% interest to be 7,000 boed. As a result, Marubeni's net production in UK North Sea is expected to rise from current 11,000 boed to 18,000 boed, and total net production, excluding LNG, all over the world will rise to 24,000 boed. Sycamore's total gross recoverable reserves are expected to be 24 million boe and net for Marubeni to be 8.5 million boe. Further development plans for enhancing Sycamore production are ongoing.
Marubeni is implementing "V" Plan, a New Medium-Term Management Plan, for aiming its revitalization. In this plan, oil and gas E&P business is regarded as one of the core business. Marubeni is pursuing the acquisition of new production assets in the area such as USA and Asia as well as UK North Sea, while Marubeni is actively promoting development project like Sycamore, aiming at 50,000 boed production by 2005.