Unocal Replaces 101 Percent of Production

Wednesday, September 01, 1999
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.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Ocean Mineral Singapore Set for Seabed Exploration

Ocean Mineral Singapore Pte. Ltd. (OMS) has received approval from the International Seabed Authority (ISA) on its application for its first seabed exploration licence.

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1005 sec (10 req/sec)