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NEWS IN BRIEF
Petroleum News Alaska Staff
BP discovers major gas field offshore Trinidad BP has discovered a major gas field offshore Trinidad and Tobago. The company said Sept. 26 that the initial well on the Red Mango field, 35 miles east of Galeota Point, indicated gas volumes of some 3 trillion cubic feet and 90 million barrels of oil condensate, making it the largest discovery yet made in Trinidad and Tobago and BP’s second major gas find in the area this year.
In oil equivalent terms, the discovery is estimated to contain resources of some 630 million barrels. The company said it will shortly begin appraisal work to define the exact size of the find. Exxon Sakhalin well flows at 6,000 barrels per day Exxon Mobil Corp. said Sept. 28 that subsidiary Exxon Neftegas Ltd. has appraised a significant oil accumulation on Sakhalin I. The Chayvo-6 appraisal well encountered an oil-bearing Miocene reservoir that flowed at a test rate of 6,000 barrels of oil per day. ExxonMobil said it led a multinational team which delineated a large 340 foot oil column on the west flank of the Chayvo field, discovered in 1979. Chayvo is approximately 370 miles north of Yuzhno-Sakhalinsk.Chevron, Shell, Schlumberger form OpenSpirit Chevron, Shell and Schlumberger announced the formation of the OpenSpirit Corp. Oct. 9. Each company is to own an equal share of OpenSpirit, which will develop and market the next generation of middle-ware for exploration and production applications and data integration. The initial framework was funded by the OpenSpirit Alliance; OpenSpirit Corp. will market, support and further develop this vendor-neutral and platform-independent application framework, which should be available for commercial release in fourth quarter 2000.Unocal begins gas production from Muni field Unocal Corp. has begun gas production from the Muni field ahead of schedule and under budget and expects production to exceed 120 million cubic feet a day by year end, the company said Oct. 11. Unocal said the Muni field is one of the largest natural gas discoveries in the Gulf of Mexico shelf in recent years, with a gross resource potential of 100-160 billion cubic feet. Unocal holds 100 percent working interest in the field. The field was discovered in December 1999.Phillips sells coal interests Phillips Petroleum Co. has sold its coal interests in three separate transactions, the company said Oct. 12. Total cash from the transactions was $191 million, representing a $48 million after-tax gain, which the company said would be used to pay down debt and for other corporate purposes.
“These transactions are consistent with our approach to focus on our core businesses and will further our efforts to reduce debt and strengthen our financial position,” said Jim Mulva, chairman and chief executive officer. Chevron signs final papers on GTL joint venture Chevron Corp. said Oct. 16 that it has signed final agreements for the creation of a new company, Sasol Chevron Holdings, as part of a 50/50 global joint venture founded on gas-to-liquids technology. Investments of $5 billion in worldwide GTL ventures are anticipated over the next five to 10 years.
George Couvaras of Sasol was named chief executive officer and Mark Koelmel of Chevron was appointed chief operating officer.
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