Venture Production ltd was a leading

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-based oil and gas exploration and production business. Its activities were focused on the

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. It was a constituent of the FTSE 250 Index, but was delisted following Centrica's purchase of the company in August 2009.

History

The company was formed in 1997 by Larry Kinch, Bruce Dingwall

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& Dave Neely to exploit

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and

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reserves in the North Sea. It was first listed on the

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in 2002 and delisted in 2009. In 2008 it acquired six proven but undeveloped gas assets from

Tullow Oil Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland, with its headquarters in London, United Kingdom. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. His ...

. The founder Larry Kinch was also the founder and Group Chairman of WellDynamics, and PES International Limited which brought to market the industry’s first intelligent well completion system. He started his career as an engineer with Culter Guardbridge Holdings a paper manufacturer, Culter, Aberdeen. The founder Bruce Dingwall, died on 4th August, 2021 aged 61. He was educated at

Fettes College Fettes College () is a co-educational independent boarding and day school in Edinburgh, Scotland, with over two-thirds of its pupils in residence on campus. The school was originally a boarding school for boys only and became co-ed in 1983. In ...

, Edinburgh and

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. After graduating he worked as geophysicist with Exxon/Mobil and LASMO (London and Scottish Marine Oil).Obituary: Bruce Dingwall CBE, oil and gas industry pioneer
The Scotsman, 10 November 2022 The company was sold to Centrica in 2009 after a hostile takeover for £1.3 billion. Management fought for the company as they believed it was valued higher than the 845p a share offer. The chairman of Centrica at the time was William Samuel Laidlaw. Centrica's share price subsequently collapsed as they were unable to successfully deliver assets they acquired from Venture Production, notably the Ensign Gas Field reputed to have lost some £80 million before decommissioning. Centrica's Upstream business was subsequently spun off as Spirit Energy.

Operations

The company's strategy was to develop stranded fields, i.e., fields that were too small to be economic for large companies, needed significant investment or did not fit the strategy of the existing owners. It undertook activities in oil fields and in gas fields.

References

{{reflist https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5812318/Venture-shareholder-Larry-Kinch-dismisses-Centrica-bid.html

External links

Official site
Companies established in 1997 Oil and gas companies of the United Kingdom