More Oil & Gas Drilling and Production News

AMOSEAS INSTALLS FPSO OFF INDONESIA

May 7, 1990 Amoseas Indonesia Inc. and state owned Pertamina have installed a purpose built floating production storage and offloading (FPSO) vessel off Indonesia in Natuna Sea Block A, about 250 miles northeast of Singapore. Turnkey contractor for the FPSO Anoa Natuna was Modec Inc., Tokyo, which installed it in Anoa field in 253 ft of water with all utility and accommodations, production equipment, mooring, and offloading systems. Modec's work also covered design, engineering, procurement, and

HIGHER OIL PRICES HELP BUOY PROFITS FOR U.S. INDEPENDENTS

May 7, 1990 Bob Williams Senior Staff Writer The financial and operating performance of U.S. independents continues to improve with firming oil prices. A rise of about $3/bbl in average oil prices was the main factor in boosting earnings in 1989 for a group of 50 independents Oil & Gas Journal tracks. Gas prices for the group remained about flat year to year. The group posted net profits of about $1.23 billion in 1989 on revenues of about $26 billion. Some of the companies in 1989 posted heavy net losses

U.S. BRIEFS

May 7, 1990 UNION OIL CO., Los Angeles, agreed to purchase 100% of Prairie Holding Co., Houston, an oil and gas subsidiary of Placer Dome Inc. Union will pay $252 million cash and assume $84 million in debt. TEXAS SUPREME COURT ruled an appeal by Arabian Shield Development Co., Dallas, in a $1 billion lawsuit against Hunt Oil Co., was timely filed. It remanded the case, involving a dispute over rights to productive acreage in North Yemen, to the Texas Court of Appeals.

NEW API PUBLICATIONS COVER OFFSHORE SPECS AND RECOMMENDED PRACTICES

May 7, 1990 American Petroleum Institute has published four documents on specifications and recommended practices for oil and natural gas production offshore. Specification 2B, "Specification for Fabricated Structural Steel Pipe," fourth edition (Order No. 811-00300), covers the requirements for structural steel pipe fabricated from plate steel for use in the construction of welded offshore structures.

WATCHING THE WORLD PETROJARL, SEILLEAN PERFORMANCE

May 7, 1990 with Roger Vielvoye from London The floating production test ship Petrojarl 1 continues to prove itself one of the most useful pieces of equipment when it comes to evaluating reservoir performance of North Sea fields before completion of development plans. Its current job, the extended test of a horizontal well drilled into the oil zone of Troll oil and gas field for Norsk Hydro AS, Oslo, could lead to a reevaluation of Norway's gas development strategy.

IPC EYES FIELD DEVELOPMENT PROJECT OFF OMAN

May 7, 1990 Bukha gas/condensate field off Oman in the Strait of Hormuz could be on stream by the end of 1991, says field operator International Petroleum Corp., Dubai. Gas production might be used as feedstock for the world's first floating methanol plant, which is entering final planning stages. Or it could be sold into the gas distribution grid of the nearby United Arab Emirates and used in the northern emirates. IPC said because the methanol plant could not be ready to handle gas until at least 1

TIGHT FIT PREDICTED IN LONG TERM WORLD TANKER SUPPLY/DEMAND

May 7, 1990 Overseas Shipholding Group Inc. (OSG), New York, predicts long term growth in tanker demand will outstrip newbuilding. With current orderbooks full, OSG's 1989 annual report projects delivery delays of as much as 3 years on orders for new tankers. "In this environment," it says, "trading conditions for modern, efficient tankers should improve over the next few years." Considering the large tanker surpluses of the mid-1970s, soft freight rates for very large crude carriers (VLCCs), and

MORE HORIZONTAL DRILLING PROJECTS SHOW UP

May 7, 1990 U.S. operators are stepping up their horizontal drilling program, targeting more fields and formations. Here's what's happening: Union Pacific Resources Co., Fort Worth, a major Cretaceous Austin chalk participant in the Giddings area of South Texas, plans to drill at least 50 horizontal wells this year in the chalk. UPRC also will drill six or seven horizontal wells in Cretaceous Niobrara in Wyoming and Colorado, where it holds about 1.2 million net acres, and participate in five

INTERNATIONAL BRIEFS

May 7, 1990 LASMO PLC and Phillips Petroleum Co. U.K. agreed to exchange certain U.K. North Sea assets. Lasmo will acquire Phillips' 35% working interest in the portion of Block 16/27A containing Andrew field. Phillips will receive Lasmo's 3.195% interest in Blocks 30/7A, 30/12A, and 30/17A, hiking its working interest in the blocks to 35.875%. Block 307A contains Joanne and Judy oil and gas fields, now under development study.

SCOTTISH AGENCY OUTLINES U.S.S.R.'S EQUIPMENT NEEDS

May 14, 1990 The Soviet Union will need a wide range of imported equipment to meet crude oil and natural gas production goals to 2000. The Scottish Development Agency (SDA), Aberdeen, says Moscow's shopping list will include equipment for modernization, inspection, and repair of pipelines, meters and measuring equipment, services for the offshore industry, and equipment and services to maintain production in western Siberia, its No. 1 producing area.

NORSK HYDRO TAPS OIL PAY IN TROLL GAS FIELD

May 14, 1990 Norway could face a short term lack of gas for new sales contracts following a successful long term test of a horizontal well drilled into the oil zone in Troll gas field in the Norwegian North Sea. Norsk Hydro AS, Oslo, said the peak flow of more than 25,000 b/d from a single horizontal well in the western part of the field could ensure an oil production program starting in the mid-1990s and continuing for 15 years. Troll, with 42.3 tcf of reserves, is undergoing first stage development of its

OMAN TO STEP UP LEKHWAIR FIELD PRODUCTION

May 14, 1990 Petroleum Development Oman has approved a $500 million waterflood to turn Lekhwair field into one of Oman's biggest oil and gas producers. The project will boost production to a little more than 100,000 b/d by 1994 from the current 24,000 b/d for the field in Northwest Oman (see map, OGJ, May 11, 1989, p. 34). The field is linked by pipeline to the transportation system for oil from central and southern Oman but will require a new pipeline to handle gas shipments. PDO is 60% owned by the

DON'T OVERLOOK THE BAKKEN

May 14, 1990 John McCaslin Exploration Editor Horizontal drilling in the Mississippian Bakken formation of the Williston basin has established a new play for the industry. Recent estimates of ultimate recoverable reserves from the current Bakken fairway in North Dakota are as high as several hundred million bbl of oil. The number of successful completions in this play are above 30 at this point. Interest is now moving out into the area up to 35 miles north of the fairway.

OGJ NEWSLETTER

May 14, 1990 Omega Aker Offshore Inc. is conducting a study for Marathon Oil Co. that could lead to installation of the Gulf of Mexico's first floating production, storage, and offloading (FPSO) system based on a tanker-perhaps with an onboard methanol plant. The study by the partnership of Omega Marine Group, Houston, and Aker Engineering AS, Oslo, covers tanker size, process plant preliminary design, mooring evaluation, and cost and development of a performance specification.

ENVIRONMENT, IMPROVING OIL MARKET CLIMATE HIGHLIGHT 1990 OTC MEETING

May 14, 1990 Heightened concern over the environment vied with renewed market optimism to take center stage at this year's Offshore Technology Conference in Houston last week. Convincing the public that the petroleum industry wants to and can protect the offshore environment will require major commitments of funds and willpower. That was the message of representatives from industry, government, and the environmental community speaking at the first of two OTC keynote sessions. Optimism about increased

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