Petsec targets US and China

Australia's Petsec Energy is set to embark on a more active exploration programme in the US and China over the next few months, chairman Terry Fern said today.

Speaking at the 2007 Good Oil conference in Fremantle, Fern said Petsec will drill between three and five wells in the US, beginning with a well in Terrebonne Parish, Louisiana, which will spud this week.

The company will also start production of the six Mobile Bay gas fields, which is expected to increase current production in the area by 50%.

In China, Petsec will start the drilling of between four and six wells in November, followed by the anticipated final investment decision on developing the Roc-led 6-12 South oilfield

Fern said Petsec had achieved a compound annual growth rate of 38% in reserves over the last five years.

"This growth came from the Gulf of Mexico region and China - the same areas we are focusing on in the coming months with our active exploration and development programs," Fern said.