Taranaki output drops for Swift

Houston-headquartered Swift Energy Company has announced record quarterly production figures, despite a significant drop in output from its Taranaki fields.
Taranaki output drops for Swift Taranaki output drops for Swift Taranaki output drops for Swift Taranaki output drops for Swift Taranaki output drops for Swift

Total US and NZ production for the first quarter of 2004 was at least 14.1 billion cubic feet equivalent, an increase of 9% over the first quarter 2003 production (12.9 bcfe) and at least 5% more than that recorded during the last 2003 quarter (13.4 bcfe).

Domestic production increased to at least 10.3 bcfe, 33% greater than first quarter 2003 (7.7 bcfe), primarily because of increased production from the company’s Lake Washington operations.

However, New Zealand production (3.8 bcfe) slumped by almost 27% compared with first quarter 2003 (5.2 bcfe) and by 17% compared to last quarter 2003 (4.6 bcfe).

Low hydro lake levels a year ago meant Swift Energy New Zealand selling more gas to such thermal generators as Genesis Power. However, increased availability of hydroelectricity this year means short-term reductions in gas demand which SENZ expects to continue through the second quarter of 2004 at least.

Swift Energy’s average oil price was expected to exceed US$33 per barrel during the first quarter of 2004; while the company’s estimated average prices received for natural gas were expected to exceed US$4.75 per thousand cubic feet domestically and US$2.20 per mcf in NZ. Prices for natural gas liquids were expected to exceed US$19.00 per barrel domestically and US$14.00 per barrel in NZ.

Swift Energy New Zealand has successfully drilled the Kauri-E4 well, encountering both the Kauri and Tariki sands, with the well presently being completed as a Tariki sands producer. The first well in SENZ’s shallow Manutahi drilling program was scheduled to spud later this quarter.