Cuba
Repsol YPF, Madrid, signed an agreement with Comercial Cupet for six blocks off the island's north coast.
Covered are blocks N25, N26, N27, N28, N29, and N36, with a total area of 10,700 sq km (see map, OGJ, Dec. 11, 2000, p. 42).
Iran
Edison SpA unit Edison Gas acquired exploration rights for the 3,200 sq km Munir block in Khuzestan under an agreement with National Iranian Oil Co.
Edison Gas, which will operate the block, said its initial research revealed high potential.
Yukon
Yukon launched a call for bids for oil and gas exploration in the Eagle Plain area through Mar. 14.
Minimum work proposal for the 6-year term is $1 million/tract.
One exploratory or appraisal well is required by the end of the primary term if the license is to be renewed. The work proposal spending amount is the only criterion in the case of multiple bids.
Public review of the open area has already taken place. A successful bidder must apply for a license, and the application can trigger further review.
Colorado
The US unit of AEC Energy Co., Calgary, agreed to pay $225 million (US) for Ballard Petroleum LLC, Billings, Mont., whose main producing asset is in Mamm Creek field in the Piceance basin.
AEC plans to drill 300 wells the next three years to boost output to 65 MMcfd from an expected 45 MMcfd in 2001 from low permeability Cretaceous zones at about 6,500 ft. The field is in Garfield County south of Rifle.
