More Oil & Gas Exploration and Development News

U.S. BRIEFS

Apr 30, 1990 PEDRICKTOWN COGENERATION LP secured $110 million financing for a 117,000 kw cogeneration plant to be built in Pedricktown, N.J. The project, to be completed in early 1992, will be managed by Cogeneration Partners of America, Cherry Hill, N.J. BROWN & ROOT INTERNATIONAL INC. rescinded planned sale of marine construction assets to Offshore Pipelines Inc. Brown & Root had agreed to sell 23 derrick, pipelay, and other vessels plus interests in land based support units in the Far East, Middle East,

EXPLORATION COSTA RICA GEOLOGIC BASINS LURE WILDCATTERS

Apr 30, 1990 Cynthia A. Sheehan, Glen T. Penfield Aero Service Division Western Atlas International Inc. Houston Emilia Morales Recope S.A. San Jose, Costa Rica

WATCHING WASHINGTON 'LUJAN'S 'SECRET AGENDA'

Apr 30, 1990 With Patrick Crow It was Washington drama as you might imagine it: A powerful newspaper exposes a cabinet secretary's "secret agenda" on the morning he testifies before Congress. On the surface, that happened last week when Interior Sec. Manuel Lujan explained his offshore leasing goals to a House appropriations subcommittee. Congressmen grilled him about a front-page New York Times story on Interior's changing offshore leasing goals.

INTERNATIONAL BRIEFS

Apr 30, 1990 THAILAND AND MALAYSIA signed a draft agreement covering joint oil and gas exploration and development of overlapping territorial claims in the Gulf of Thailand. The agreement, to be ratified by parliaments in both countries, calls for production from the area to be shared equally based on a modified production sharing system drafted from the Thai concession system and the Malaysian production sharing contract.

OGJ NEWSLETTER

Apr 30, 1990 OPEC's decision to call an emergency meeting of its ministerial monitoring committee May 2 relieved the downward pressure on world crude prices. North Sea Brent blend for June delivery rebounded to $17.50/bbl Apr. 25 from $16.20/bbl a week earlier. WTI futures for June delivery closed at $18.66/bbl, up $1.70 on the week. All 13 ministers will attend the May 2 meeting in Geneva. As a result, the midyear ministerial meeting has been postponed to June 25 from May 25.

EXPLORATION PROGRAMS STIRRING IN MYANMAR

May 7, 1990 G. Alan Petzet Senior Staff Writer Myanmar has issued licenses for all tracts in its first onshore licensing round, received bids for second round tracts, and is expected to invite bids for improved production in existing fields. Foreign oil companies last operated onshore in Myanmar, formerly Burmah, in 1962. The government also plans to license offshore acreage and is evaluating bids for at least three tracts. Myanmar since October 1989 has awarded 10 blocks, including one offshore, for which

OGJ NEWSLETTER

May 7, 1990 OPEC ministers arriving in Geneva for an emergency monitoring committee meeting all agreed that the organization needs to cut crude oil production 1-1.5 million b/d. But after the first day it was clear that unanimity extended only to the general principle and not to details of how cuts should be implemented.

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

COUPLINGS PROVIDE ALTERNATIVE IN TLP TENDON DESIGN

May 7, 1990 A three-piece coupling design has been developed to suit the extreme demands of tension leg platform (TLP) tendon service. Using couplings is an alternative to one-piece tendons welded together onshore. The prototype model of Hydril Co.'s XST coupling (Fig. 1), the XST-26S, has been designed under the auspices of a major oil company and is currently being tested, Hydril says.

U.S. INDEPENDENTS TO DELINEATE FIELD OFF EQUATORIAL GUINEA

May 7, 1990 A group of U.S. independents signed a production sharing contract in Equatorial Guinea covering potential development of offshore Alba gas/condensate field and exploration of adjoining areas. Operator Walter International Inc., Houston, 25%, McMoRan International Inc., New Orleans, 50%, and Samedan Oil Corp., Ardmore, Okla., 25%, signed the contract effective Apr. 10 covering Blocks A-12, A-13, B-12, and B-13 northwest of Bioco Island.

PERU DRIVING TO SUSTAIN OIL, GAS FLOW

May 7, 1990 Peru is pressing efforts to sustain its oil and gas production by seeking more participation by private foreign and domestic companies. State owned Petroleos del Peru SA (Petroperu), grappling with severe cash shortages in a beleaguered economy, is offering more exploration acreage as well as participation in existing development/production programs to private companies.

THREE MORE SMACKOVER FINDS IN SOUTHEAST

May 7, 1990 John McCaslin Exploration Editor Jurassic exploratory success in the Southeast continues unabated in these times of low rig counts. Two recent Jurassic Smackover events in southwestern Alabama and another in southeastern Mississippi prove that the three state region of Alabama-Florida-Mississippi and its adjoining Gulf of Mexico and Mobile Bay waters must contain some of the best oil and gas accumulations to be found in the U.S.

SHELL SLATES EXPLORATION ON NORTHWEST KENYA BLOCK

May 7, 1990 Shell Exploration BV has taken a farmout from Amoco Kenya Petroleum Co. on a 42,250 sq km block in Northwest Kenya. Shell will earn a 50% interest in Block 10 by conducting a 500 km seismic survey starting in August and drilling two wildcats in 1990-91. The region, on Lake Turkana and surrounding the lake on three sides, has not been explored for oil and gas. Shell and British Petroleum Co. plc pioneered onshore and offshore exploration in Kenya in the 1950s but withdrew because of lack of

CHEVRON, TEXACO UNITS AWARDED TIMOR BLOCK

May 7, 1990 A combine of Chevron Corp. and Texaco Inc. affiliates has signed a production sharing contract with Indonesia's state owned Pertamina for oil and gas exploration on and off Timor Island. No exploration plans were disclosed. The contract covers a 4,566,778 acre block in the East Nusa Tenggara area of the Southeast Indonesian island and in the Timor Sea. Amoseas Indonesia Inc. will act as operator on the block for Chevron International Soe Ltd. and Texaco Exploration Soe Inc. The Chevron and

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.

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