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Drillbits & Tailings: August 1, 1996: Page Seven


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TRINIDAD & TOBAGO - Atlantic LNG Co. (T&T) has scheduled construction of a $1 billion liquefied natural gas export plant at Point Fortin, Trinidad, to process 3 million metric tonnes/year of gas from fields off Trinidad operated by Atlantic LNG's major interest holder, Amoco Corp. [1]

COLOMBIA - Harken Energy Corp. (Dallas) is to begin moblising drilling equipment to Rio Negro prospect in Colombia's Middle Magdalena basin for oil, expecting to spud mid-July, 1996. [1]

- Seven Seas Petroleum (Houston) is expected to start a 15-day production test of 1 El Segundo well on emerald Mountain prospect in Colombia's Magdalena basin after receiving permits from Colombia's energy and environmental ministries. [1]

RUSSIA - Exxon has reached an agreement with the Russian government that will enable a consortium of companies it leads to begin work on a $15 billion oil and gas fields project off Sakhalin Island, north of Japan. [2]

- An agreement is likely to be signed in October 1996 between Russia and the Timan Pechora Company international consortium of oil companies (TPC) on the development of the contract zone of the Timan Pechora oil and gas province in the Yamal Nenets autonomous district, Russia's Minister for Fuel and Energy Yuri Shafranik said. The Timan Pechora consortium comprises Exxon and Amoco, and the Norwegian Norsk Hydro. [3]

UZBEKISTAN - The U.S. Overseas Private Investment Corp. (OPIC) has agreed to provide $400 million in financing for a joint venture of Uzbekneftegaz and Enron oil and Gas Co. (Houston) to develop a clutch of gas fields in Uzbekistan. It is the largest OPIC commitment in Central Asia thus far. [1]

- At a June 27 conference on Uzbekistan's oil and gas industry in Houston, Uzbek President Islam Karimov invited U.S. energy companies to bid on five oil and gas projects in the country. The Fergana project in eastern Uzbekistan is the largest; its two blocks contain forecast reserves of 3.007 million tons of oil, 145 million tons of condensate and 283 billion cubic meters of natural gas. Karimov also signed agreements on setting up joint ventures between the state concern Uzbekneftegaz and unspecified U.S. companies. [4]

KAZAKSTAN - The Kazakstancaspiishelf consortium (KCS), announced that a survey of the Kazak sector of the Caspian Sea shelf in June had revealed reserves estimated at 10 billion tons of crude oil and 2 trillion cubic meters of natural gas. If these numbers are proven, Kazakstan's offshore reserves would be greater than the Russian Federation's entire proven reserves of 6.7 billion tons and 10 times larger than the country's own Tengiz field, one of the world's 10 largest. Consortium members cautioned that drilling had not yet begun in the area and that they were presently working on the assumption that recoverable reserves were not more than 4 billion tons of oil. KCS is the operator of an exploration consortium that includes Agip SpA of Italy, British Gas plc, British Petroleum Co plc, Den Norske Stats Oljeselskap AS (Statoil) of Norway, U.S. group Mobil Corp, Shell and Total SA of France. [5]

UKRAINE - Epic Energy Inc (UK) is seeking up to US$10 million in financing for the development of oil fields in the Ukraine. About US$7 million of this will be spent on developing the Aktash field and other small, shallow fields and evaluating the larger potential of these developments. The crude oil would be transported by tanker from Feodosia, which does not currently meet Epic's environmental standards. Ukraine currently depends on Russia for its entire oil supply.[5]

Sources:

[1] Oil & Gas Journal, July 8, 1996

[2] New York Times, June 11, 1996

[3] Pipeline News, No. 22, July 20-26, 1996 (originally cited from Interfax, July 24, 1996)

[4] Pipeline News, No. 20, July 6-12, 1996

[5] Pipeline News, No. 19, June 29-July 5, 1996


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This document last modified on November 27, 1997