Unocal Corporation replaced 101 percent of its worldwide crude oil and natural gas production (excluding sales and price-related revisions) during 1998 with new proved reserves as the company focused on adding value and re-energizing its domestic U.S. exploration program.
"In the U.S., our Spirit Energy 76 unit recorded more than 30 discoveries in the Gulf of Mexico shelf
and onshore area and added 65 MMBOE in proved reserves through discoveries and extensions, improved recovery and purchases," said Roger C. Beach, Unocal chairman and CEO.
Spirit Energy 76 replaced 108 percent of its production (excluding sales and price-related revisions), particularly as a result of a 64-percent exploration success rate on the Gulf of Mexico shelf during the year. Spirit Energy's preliminary finding, development and acquisition costs (excluding price-related revisions) for new reserves in 1998 on the GOM shelf and onshore were $7.26 per BOE.