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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

China Building Island Big Enough for Airstrip

Satellite images show China is building an island on a reef in the disputed Spratly Islands large enough to accommodate what could be its first offshore airstrip in the South China Sea,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair 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: 0.1486 sec (7 req/sec)