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SPINNAKER EXPLORATION CO. / Houston, Texas New Fuel Field In Gulf Has Supplier Revved Up.(A)
Byline: Kirk Shinkle
In the long-tapped fuel reservoirs of the Gulf of Mexico, Spinnaker Exploration Co. hopes it can live up to the name of its new field: Front Runner.
The petroleum exploration and production firm has a 25% stake in the field. Front Runner, nearly 30,000 feet below the waves, could hold up to 120 million barrels of oil equivalent. Spinnaker's share would be about 30 million barrels.
The find is big news, considering that the company's total reserves were just 26 million at the end of last year.
"We have a lot of work left to do, but it's one of the more exciting discoveries that has been announced in the Gulf for a while," said Roger Jarvis, Spinnaker's president and chief executive.
Production at Front Runner isn't expected to be up and running until 2003. But by 2004, Spinnaker's reserves could be up 38% from current estimates, analysts say.
The firm and its partners, Murphy Oil Corp. and Dominion Resources Inc. -- which hold a combined 75% stake -- put in a high bid on more territory adjacentto the field.
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