Question-and-Answer Session
Operator
(Operator instructions) Your first question will go to David Heikkinen- Tudor Pickering Holt.
David Heikkinen – Tudor Pickering Holt
I just had a quick question thinking about your Gulf of Mexico volumes and the recovery and then the additional volumes coming in from Geauxpher. What are the major systems that we should watch or is there some way we can get an idea of ratios if that comes back this year?
G. Steven Farris
Well, at least from my projection standpoint, we really should be fully operational on our shut in production about the middle of the second quarter, I mean, if you look at our timing. With respect to Geauxpher, we expect to have that on in May. That will be just an event, if you know what I mean. We’ll go from zero to hopefully 50 million net to us a day.
David Heikkinen – Tudor Pickering Holt
And given that you’ve been in recovery operations, normal declines, I mean you don’t get back to the pre-storm volumes, how do you think about what declines you would have as you have been trying to recover or do you have any areas where you think you've re-pressured reservoirs and you will actually get some incremental production?
G. Steven Farris
You know, it obviously declines – I don’t have those numbers in front of me. I know if we, from a 2009 plan standpoint, if we get the recovery that we’re projecting we lost a little bit obviously. We wrote off a few reserves just because of the hurricane at the end of the year, but with the 50 million a day coming in from Geauxpher we should be slightly ahead to flat in the Gulf of Mexico this year.
David Heikkinen – Tudor Pickering Holt
And then in Egypt, as commodity prices, as oil prices have come down, you get the splits between cost barrels and your profit barrels that impact your overall volumes. How do we think about the variability of production that’s tied to the change in commodity price?
G. Steven Farris
Well, frankly, I go by our gross operated production and if you look at our gross operated production, we have been steadily increasing throughout the year and we should, when we get these two plants on, we should be at – started out about $520 million a day at the beginning of 2007.
By the first – end of the – May of second quarter, we'll be at about $850 million a day of gas and about 165,000 barrels of liquid, because you really have a hard time looking at net-net numbers in terms of how you book the cost recovery component. It's just – know this, when prices go down we're going to book more per dozen.
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