Company crude oil and condensate production was down 3.8 million barrels from 2010 to 80.6 million in the year to date, a fact the company put down to the Gulf of Mexico moratorium on oil and gas drilling enacted in May 2010.
“Permitting delays in the Gulf of Mexico continue to impact our petroleum operations and the drilling of high volume production wells,” BHP said in an announcement.
But the biggest drag was lower production in the Gulf of Mexico, a slip of about 5 million barrels of oil from the Shenzi and Atlantis projects in the 2011 year to date, compared with the previous year.
While performance from its Pyrenees field was 258,000 barrels higher in the 2011 June quarter than in the previous period, it was not enough to offset additional losses incurred by planned maintenance at Bass Strait and tie-in activities at North West Shelf.
The company brought its first new well in the Gulf of Mexico, at its Shenzi field, into operation in June, following previous regulatory approvals for water injection and production well drilling, it said
“When excluding volume growth from the Fayetteville Shale acquisition, we continue to expect production to be lower in the 2012 financial year.”
The company acquired Chesapeake’s holdings in the Fayetteville shale natural gas field in Arkansas for $4.75 billion in cash in February, with the deal taking effect from 31 March.
Source: Upstream Online
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