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Friday, October 5, 2007
PetroSA and Pioneer Natural Resources Co. celebrated the start up of production from the South Coast Gas project (SCG) in Block 9, offshore
State-owned PetroSA is the operator and holds a 55% interest in the project while Pioneer holds the remaining 45%. Pioneer’s share of production from the project is sold to PetroSA under a gas and condensate sales agreement for use at the Mossel Bay GTL plant at a price tied to Brent oil prices.
The gas and condensate production from SCG’s five wells is expected to reach about 50 million cubic feet of gas equivalent per day (MMcfepd) by the end of this year. Within 12 to 18 months Pioneer says production is expected to rise significantly as oil production operations are completed at the Sable field and Sable gas production is tied into the project.
A Pioneer statement reported that the oil production life of the Sable field has been extended, and gas will continue to be reinjected into the field to enhance oil recovery. Gas development drilling in the Sable field is complete, and when Sable gas production is tied into SCG in late 2008 or early 2009, the project is expected to reach peak production of 100–120 MMcfepd. On average, gas condensate is expected to represent approximately 20% to 30% of total SCG production.
"The South Coast Gas project is an important component of our 12+% production per share annual growth target over the 2007 through 2010 period, and we’re very pleased that the development phase of the project has been completed in the time expected. We appreciate the efforts of PetroSA in accomplishing this goal, and look forward to continuing our successful relationship," stated Scott Sheffield, Pioneer’s Chairman and CEO.
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