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NEWS BULLETIN

March 28, 2002 --- Vol. 8, No. 31March 2002

ExxonMobil close to announcement

Exxon Mobil Corp. spokesman Bob Davis said today that his company will be releasing “very, very soon” the results of an internal analysis and review of the North Slope producers’ gas study team results.

“We said we’d be releasing it at the end of the first quarter. We’re on track to do that,” he said.

In conjunction with the release of its analysis, ExxonMobil officials will begin “meetings with both state and federal officials and others to talk about the status” of the North Slope gasline project.

When asked if ExxonMobil’s final price tag on the project was $20 billion, which is what the company’s Chairman Lee Raymond has said publicly, Davis acknowledged that figure was reasonable but did not elaborate.

“The project is still not economic,” he said.

BP and Phillips, the other two major North Slope gas owners and members of the joint gas team, are also expected to release their analysis of the group’s $120 million study near the end of the first quarter.

Evergreen finalizes plans to drill in Mat-Su unit

Evergreen Resources will file its first permit application and drilling plan in Alaska in the next two weeks, the company’s president and CEO told PNA March 26.

Evergreen Resources (Alaska) Corp., a wholly owned subsidiary of the Denver-based independent Evergreen Resources Inc. (NYSE:EVG), expects to submit drilling plans to the state Division of Oil and Gas for “four production pilot areas” in its 48,000-acre Pioneer unit 30 miles northwest of Anchorage in the Matanuska-Susitna Borough, Mark Sexton, the top man at both companies, said.

“Of these four, we will drill two pilots, each having three to four wells. In this process, we will drill, complete and then place the wells on an extended production test lasting at least six months,” Sexton said.

The paperwork Evergreen is preparing for the Division of Oil and Gas will contain the locations of the four pilot areas.

Sexton said the drilling target is one-half trillion cubic feet-plus of recoverable gas from which the company expects daily production rates in the range of 50-200 million cubic feet.

If Pioneer a success, Evergreen will design drilling equipment for Alaska

If the Pioneer project is a success, Evergreen Resources (Alaska) Corp. plans to have drilling and completion equipment purpose-built for Alaska, the company’s president and CEO told PNA. The new equipment would operate full time in the state, Mark Sexton says.

Evergreen’s parent company in Denver — Evergreen Resources Inc. — has a completely integrated approach to coalbed methane development and owns its own drilling, completing, fracturing and well completion equipment.

Although Evergreen Resources has its own well service company Outside, Sexton told the House Special Committee on Oil and Gas in January that the company also works extensively with local contractors, “once we get going and find the right combination of techniques” for a field.

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