LONDON (ShareCast) - Oil and gas firm Venture Production resumed its growth path in the first half of 2008 with production close to record levels.

Average group net daily production for the first six months of 2008 was about 47,700 barrels of oil equivalent (boe) per day, up 8% on the levels in the first half of last year.

The improvement is largely the result of two new production wells coming on stream since September 2007. Elsewhere, gas production has been ahead of expectations, while oil production from the company’s established fields has also been strong.

Soaring energy prices have contributed to a surge in sales revenues, particularly in the gas market where conditions have noticeably improved in 2008.

The company said it will not benefit fully from the impact of higher commodity prices because of existing oil and gas hedges and long-standing gas sales agreements.

The company is actively working on seven new projects and these are expected to come on-stream in the next two years and substantially boost production levels.

“The combination of strong operational performance, high commodity prices and increased business development activity mean that the board remains highly confident in the outlook for Venture's business in 2008 and beyond,” the company said.

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