Niko announces Bheema gas production from April

Vol 7, PW 24 (25 Feb 04) News in Brief

On 18th February, Niko Resources announced that first production of gas from its Bheema discovery in the Surat block is scheduled for April 2004.

Target production for Surat is 15-20m cf/d (0.4m-0.5m cm/d). Elsewhere, Niko anticipates that its offshore platform Alpha for Hazira would be on site latest by March this year.

Completion of the platform should allow the company's share of Hazira production to increase to approximately 75m cf/d (2.1m cm/d) by December 2004. Alpha sailed from Thailand on 30th January and should reach Indian waters by the end of February.

Niko will use the Precision 703 drilling rig, designed specifically for the platform, in late March. Increased spending on the Hazira platform has reduced Nikos profit petroleum payment to the Indian government for the third quarter ending 31st December 2003 to $2m compared to $3.6m over the same period last year, said Niko.