Veba's Hanze field on stream at 31,500 b/d, two-thirds of Dutch oil production

LONDON, Jan. 24 -- Veba Oil & Gas Netherlands BV (VOGNL) is producing 31,500 b/d from its recently developed Hanze field, representing almost two-thirds of Dutch oil production.

The field, in the North Sea 200 km north of Den Helder, came on stream in August 2001 and is the first offshore chalk reservoir to be developed in the Netherlands. The field produces from two wells and includes two water injection wells.

Andy Price, manager for Operated Assets at VOGNL, said Thursday, "We are very pleased with the execution of this fast track development, with production start-up within a month of the original plan and a production capacity exceeding expectations."

The managing director of VOGNL, Jörg Pigaht, added, "Hanze represents an important step into production operatorship for VOGNL and will contribute to the growth of the company in the Netherlands. We intend to build on the knowledge gained and look forward to commencing new projects in the near future."

Produced oil from Hanze is being taken by tanker and the gas exported via a pipeline into the existing system to Den Helder.

VOGNL as operator holds 45% of the field, Oranje-Nassau Energie BV 20%, Dyas Nederland BV 20%, and EDC (Europe) Ltd. 15%.

VOGNL is a wholly owned subsidiary of Veba Oil & Gas GMBH, Germany.