VPC Venture Prod.

    VENTURE PRODUCTION plc                             

 Venture Announces Successful Completion of Sycamore Field Development Phase 1 

Venture Production plc, the Aberdeen based UK independent oil and gas
production company, today announces the successful completion of Phase 1 of the
development of the Sycamore oil field in UKCS Block 16/12a and the release of
the semi-submersible drilling rig `Santa Fe 135'.

Completion of the drilling operations will allow installation of the subsea
pipeline bundle during December and January. The 4.5 km pipeline bundle has
been fabricated at Subsea 7's Wester facility near Wick, with components
supplied by manufacturers in Dundee and Montrose. Fabrication is on schedule to
be completed in early December.

Phase I of the development entailed the re-entering of two exploration wells in
the field that had been left suspended for over 12 years , and their complet
ion as production wells . These were tested on restricted chokes at rates of
7,500 and 12,700 barrels of oil per day ("bopd") respectively . B oth wells
have exceed ed anticipated flow-rates. The surface section of a third, new
production well in the northern part of the Sycamore field was also drilled and
suspended to allow installation of subsea flow-lines prior to being completed
during Phase 2 of the development in 2003.

Commenting on the project, Bruce Dingwall, Venture's Chief Executive said,
"Reaching this significant development milestone on schedule and on budget is
the result of a great team effort by everybody involved in the Sycamore project
- partners, contractors and the DTI. The Sycamore project is a prime example of
Venture's business strategy; the acquisition and rejuvenation of `stranded'
reserves, particularly through operatorship of the assets".

For further information contact:

Bruce Dingwall, Chief Executive Officer, Venture    01224 619000             
                                                                             
Andy Wilson, General Manager North Sea, Venture     01224 619000             
                                                                             
Patrick Handley, Brunswick                          020 7404 5959            
                                                                             
Eilis Murphy, Brunswick                             020 7404 5959            

NOTES FOR EDITORS

The Sycamore field is located in UKCS Block 16/12a (the `Trees' block), 150
miles north east of Aberdeen, in 111 metres of water. Existing fields on the
Block are Birch and Larch, both of which are subsea developments tied-back to
Marathon's Brae `A' platform, from where oil enters BP's Forties Pipeline
System.

Venture acquired Block 16/12a in April 2000 and by the end of that year had
successfully redeveloped the Larch field, increasing oil production from zero
to 14,000 bopd. The new geological model employed by Venture subsequently
confirmed the existence of the Sycamore oil field in the southern part of the
Block - previously, it had been mapped as the separate North Pine, Pine and Elm
accumulations.

UK government approval to develop Sycamore was granted in May 2002. The
development programme comprises three Phases, which are expected to result in
three oil production wells and two water injection wells being drilled and
completed between 2002 and 2004. The wells, all of which will be subsea, will
tie-in to a new Sycamore manifold on the seabed which, in turn, will tie-in to
the existing Birch/Larch pipeline system via the 4.5 km pipeline bundle
manufactured by Subsea 7. Total development costs for the field are expected to
be approximately �90 million.

The Sycamore oil field is jointly owned by Venture and Marubeni Oil & Gas
(U.K.) Limited. Oil production is expected to peak at 20,000 bopd later in
2003, with total reserves being 24 million barrels of oil equivalent ("MMboe").
The decision to develop Sycamore was taken following the successful
re-development by Venture of the nearby Larch field in 2001.

The Sycamore field interests are as follows:

Venture Production Company (North Sea) Limited           64.51%              
(Operator)                                                                   
                                                                             
Marubeni Oil & Gas (U.K.) Limited                        35.49%              



END

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