Phillips Announces First Oil and Gas Production from Jade Field.Business Editors WOKING, Surrey Surrey, county (1991 pop. 997,000), 653 sq mi (1,691 sq km), SE England. The county seat is Guildford. The North Downs cross the county from east to west. To the north the land slopes gently downward to the Thames, into which flow the Wey and the Mole, Surrey's , United Kingdom--(BUSINESS WIRE)--Feb. 28, 2002 Central UK North Sea Field Comes Onstream With Initial Daily Production Rates of 60 Million Cubic Feet of Gas and 4,500 Barrels of Oil Phillips Petroleum Company Phillips Petroleum Company was founded in 1917 by L.E. Phillips and Frank Phillips, of Bartlesville, Oklahoma. Their younger brother, Waite Phillips was the benefactor of Philmont Scout Ranch. Phillips Petroleum was headquartered in Bartlesville, Oklahoma. United Kingdom Limited, a subsidiary of Phillips Petroleum Company (NYSE NYSE See: New York Stock Exchange :P), announced today, on behalf of its co-venturers, that the Jade field in the U.K. sector of the North Sea has begun production. The field is currently producing 60 million cubic feet of gas per day and 4,500 barrels of oil per day. Plateau plateau, elevated, level or nearly level portion of the earth's surface, larger in summit area than a mountain and bounded on at least one side by steep slopes, occurring on land or in oceans. production rates of approximately 200 million standard cubic feet of gas per day and 16,000 barrels of oil per day are expected by the third quarter of 2002, once the remaining initial development wells have been drilled. Henry McGee Henry McGee (May 14, 1929 – January 28, 2006) was a British actor best known as straight man to Benny Hill for many years. McGee also served often as the announcer on Hill's TV programme, delivering the upbeat intro "Yes! It's The Benny Hill Show!" , president of Phillips' European Division, said: "The success of the Jade project is an important signpost in the history of the North Sea The history of the North Sea reveals it to be the major route for conquests between the adjoining countries. The North Sea has consistently played this role since written records began, and extending until World Wars I and II. , confirming that high-pressure/high-temperature fields like Jade can be safely and economically developed. Now that we have the platform in place and producing oil and gas, we plan to drill the remaining development wells and test the deep potential in the Jade field by drilling an exploration tail on one of the wells. "We will continue to pursue opportunities for further investment in Jade, with the possibility of a second phase to exploit other potential oil and gas accumulations. "The UK Central North Sea, especially Quad 30, is a core area for our UK division's future business, and this platform provides a valuable extension to our existing infrastructure at Judy," he continued. "We have a number of interests and discoveries in the region that could be developed through this infrastructure and which are an important part of our strategy to maximize opportunities in the area." The Jade field, located in block 30/2c of the UK North Sea, was discovered in 1996 and confirmed by an appraisal well in early 1997. The field has been developed using a Normally Unattended Installation, connected by a 16-inch multi-phase pipe-in-pipe pipeline to the Phillips-operated Judy platform, 12 miles south of Jade. Following the initial processing of Jade production on Judy, gas will be transported through the CATS pipeline to the CATS terminal on Teesside and oil through the Norpipe pipeline to Phillips' Seal Sands Seal Sands (grid reference NZ529260) is a 294.37 hectare biological Site of Special Scientific Interest in Cleveland, England, notified in 1966. Source
Phillips is operator of the Jade field with a 32.5 percent interest. The company's co-venturers are: BG Group, 35 percent; Texaco North Sea U.K. Company, 19.93 percent; Agip (U.K.) Limited, 7 percent; and OMV OMV Open Market Value (automobiles) OMV Orbital Maneuvering Vehicle OMV Oblates of the Virgin Mary (religious order) OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) (U.K) Limited, 5.57 percent. |
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