Swift Energy reports record production

Ray Tyson

Petroleum News Houston correspondent

Swift Energy’s production during the 2004 first quarter jumped 9 percent versus the year-ago quarter to 14.1 billion cubic feet of natural gas equivalent, the company said April 19, adding that production also rose at least 5 percent compared to the 2003 fourth quarter.

The exploration and production independent said U.S. production alone increased to at least 10.3 billion cubic feet of equivalent, 33 percent greater than the 2003 first quarter and some 17 percent greater compared to the 2003 fourth quarter. The increase was attributed primarily to increased levels of production from the company’s Lake Washington operations in Plaquemines Parish, La.

New Zealand production in the 2004 first quarter totaled about 3.8 billion cubic feet of equivalent, a decrease of 26 percent from the first quarter of 2003 and a decrease of 17 percent from the fourth quarter of 2003, Swift said. The company said the increased use of hydroelectricity in New Zealand contributed to a short-term reduction in market demand, which is expected to continue at least through this year’s second quarter.