OIL and gas operator Apache has forecast its 2008 production will fall about 3% on last year because of hurricane disruptions in the Gulf of Mexico to an average 540,000-545,000 barrels of oil equivalent per day (boepd).
It says output will resume growth next year, however, possibly by as much as 16% to 572,000-620,000boepd.
Apache, operator of the Forties field in the UK North Sea, also outlined in a presentation to analysts in Houston how Forties was now producing at a rate of more than 62,900 barrels per day (bpd), having achieved an average of 61,300bpd during the third quarter of this year.
It said the outlook was for Forties to continue producing at about 63,000bpd until about 2014 before output began falling slightly.
Apache said forties operating expenditure in 2008 would be around £120million, and its lifting cost per barrel slightly under $12.
Canadian oil and gas operator Oilexco said yesterday it had successfully identified through the drill bit an extension to the Huntington find in UK block 22/14a.
Chief executive Arthur Millholland said: “The size and potential of the Huntington discovery continues to grow and there is no doubt that this will be a prolific development for Oilexco.
“We look forward to working closely with our partners to get this on-stream as quickly as possible.”