Unocal Forecast Sees Growth in Oil, Gas Production

Thursday, January 27, 2000
Unocal Corporation said it expects the company's worldwide average net crude oil and natural gas production to rise 44 percent to nearly 700,000 boepd by 2004. The updated outlook reflects a 7.6-percent annual growth in net worldwide production from an estimated 485,000 boepd in 1999. Earlier, the company's forecast profile was for 2004 production of 918,000 boepd. This earlier forecast was heavily weighted toward increases in the years 2002 to 2004. "We have revised our production forecast as a result of a change in our philosophy, especially with respect to the later year projections, as well as to reflect factors that may delay certain projects," said Roger C. Beach, Unocal chairman and CEO. Beach explained the company has taken a more conservative approach to its production forecasting and included only anticipated production associated with established discoveries. Expected production from discoveries in the deepwater or other frontier areas requiring additional drilling, approvals or sales contracts, has been excluded from the latest forecast. "We have focused on an operating plan to increase our worldwide production to about 540,000 boepd in 2001, 11 percent above the estimated 1999 average daily production level," Beach said. "Over the longer term, we still foresee strong production growth, with upside potential above this forecast contingent upon additional exploration drilling successes or more favorable market conditions."
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Nations Convene for Arctic Maritime Discussion

Citing an increasing need to ensure safety, security and stewardship of Arctic waters, member countries of the Arctic Council gathered at U.S. Coast Guard Headquarters

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0951 sec (11 req/sec)