Venture Production, the offshore oil and gas firm, said yesterday that it has made strong operational progress in the first four months of 2008, with group average production of more than 45,500 barrels of oil per day, despite the impact of the recent shutdown of the Forties Pipeline System.

The company said in a statement before its annual general meeting in Aberdeen that during 2008 and 2009 it anticipates bringing eight new projects on stream, and that they are expected to boost net production significantly from present levels.

Venture, whose chief executive is Mike Wagstaff, said it continues to progress hook-up and commissioning activities on the Chestnut field, which is expected to deliver first oil during the third quarter.

The company said its balance sheet remains strong and there has been no significant change to the financial position of the company since the publication of the report and accounts for the year ended December 31, 2007.

Venture said that its acquisition of new assets provides it with additional development, appraisal and exploration inventory that is expected to deliver additional production from 2010 onwards.

Venture continues to see further scope for consolidation in North Sea oil and gas activities and is actively pursuing these opportunities.

As a result of the strong operational performance of the business, combined with high commodity prices - crude futures have soared above $120 a barrel - and increased business development activity, the company said it remains confident for 2008 and beyond.

At the general meeting, the company announced that the directors' remuneration report recieved 63.4 million votes in favour and 22.9 million against - a fairly substantial opposition to boadroom pay levels.

Shares in Venture slipped by 6p to 789p in yesterday's London dealing.