Unocal focuses on deepwater findings appraisal
Thursday, September 5 2002 - 01:13 AM WIB
US oil and gas firm Unocal Corporation said on Wednesday that it was continuing its Indonesia deep water exploration program at a high level of activity, focusing on the continued appraisal of the Ranggas oil and gas discovery and the Gendalo gas and condensate discovery, and continuing exploration for oil targets in deeper intervals and newly acquired outboard acreage.
"We just drilled another successful Ranggas appraisal well and believe we can have a commercial development there. The key is to determine how much additional appraisal is needed to optimize our development plan," said Charles R. Williamson, Unocal chairman and chief executive officer adressing the Lehman Brothers CEO Energy/Power Conference in New York City.
Italian oil firm Eni, Unocal's 20 percent partner in Rapak and Ganal PSCs, where Ranggas and Gendalo discovery located, earlier said cummulative oil reserve at the fields could reach up to 800 million barrels oil equivalent.(alex)