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Wednesday, 07 January, 2009, 20:40 GMT | more >>

Beach pumps up the volume



By Upstream staff 

Australia’s Beach Petroleum has reported a 32% increase in oil output for the fourth-quarter while total oil and gas sales fell by 14% versus the previous quarter.

Crude production rose by 173,000 barrels to 711,000 barrels for the fourth quarter over the last quarter, due to improved production from the Cooper Basin fields and recommencement of full production from the Basker/Manta project in the Bass Strait.

The Basker/Manta output had earlier been slowed because of mooring system failures said the company.

Oil sales rose by 21% to 739,000 barrels for the fourth quarter, but total sales fell by 14% to 2,073,000 barrels, due to a reduction in Cooper Basin gas sales triggered by weaker production and lower contract demand.

Beach added that a successful exploration and appraisal program in the last quarter is expected to add 2.4 million barrels to its proven and probable reserves after excellent results from the Callawonga field appraisal and the discovery of the Parsons field. Both fields are in the South Australian section of the Cooper Basin.


Monday, 04 February, 2008, 07:31 GMT  | last updated: Monday, 04 February, 2008, 08:39 GMT

Waves rolling in: Beach pumped up its oil output by 32% in the last quarter
 

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