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COPYRIGHT 2005 Hart Publications, Inc.
Los Angeles-based Occidental Petroleum Corp. is resuming operations in its historic contract areas in Libya. The company left its E&P operations in the Sirte Basin in 1986, after the U.S. government barred American firms from doing business in the county.
A new agreement with the Libyan authorities returns Oxy its interests in the old licenses. The Sirte Basin fields were producing some 155,000 barrels per day in 1986, and were held by a joint venture of Oxy, 36.75%; Libya's National Oil Corp., 51%; and Austrian firm OMV, 12.25%. For the past 19 years, the properties have been operated by the national oil company.
Oxy says the old contract areas will add net production in the range of 12,000 to 15,000 barrels of oil per day to its 2005 exit rate. The contracts offer significant potential for enhanced oil-recovery projects and also include four exploration blocks.
In Libya's recent licensing round, Oxy picked up nine of the 15 exploration blocks that were offered. With the reinstatement of its old contracts, the company now holds 130,000 square kilometers of licenses in Libya.
1 Venezuela
Chevron Corp. tested gas flowing at a rate of 51 million cu. ft. per day, restricted by equipment, in two of six gas intervals within a gross thickness of 140 meters of pay at its Macuira 1X wildcat, the first well in its Block 3 concession on the Deltana Platform east of Venezuela and south of the island of Trinidad. The well is...
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