Unocal Starts Production From Moulavi Bazar Gas Field in Bangladesh
22 Mars 2005 - 6:17PM
PR Newswire (US)
Unocal Starts Production From Moulavi Bazar Gas Field in Bangladesh
EL SEGUNDO, Calif., March 22 /PRNewswire-FirstCall/ -- Unocal
Corporation (NYSE:UCL) today said that two of its subsidiaries have
started production from the Moulavi Bazar gas field in Bangladesh.
The Moulavi Bazar field is currently producing more than 70 million
cubic feet of gas per day (mmcfd), from two well completions. The
company plans to complete two more wells by May 2005, which is
expected to increase the field's production capacity to 150 mmcfd.
The Moulavi Bazar field is located in block 14 in the northeast
district of Sylhet. Unocal Bangladesh Blocks 13 and 14, Ltd., is
operator and, together with Unocal Bangladesh, Ltd., has a
100-percent working interest in the production sharing contract
(PSC) covering the field. "Production of natural gas from the
Moulavi Bazar field is a major milestone toward energy security for
Bangladesh," said Andrew L. Fawthrop, president and managing
director, Unocal Bangladesh. "The Honorable Prime Minister Begum
Khaleda Zia is scheduled to officially inaugurate the plant on
April 5. We are extremely pleased to be able to develop the field
within budget and the stipulated time frame, helping our partner
Petrobangla in its mission of fulfilling Bangladesh energy needs."
Natural gas production from the Moulavi Bazar field is delivered
into the existing Bangladesh national gas network. Under the
natural gas purchase and sales agreement (GPSA) signed with
Petrobangla in October 2003, Unocal built the gas processing plant
with a capacity of 150 mmcfd and a 24-kilometer pipeline to connect
the field with the national grid. Total development cost of the
project, including development wells, has been estimated at US$42
million. The company estimates the Moulavi Bazar field has a gross
resource potential of more than 440 billion cubic feet of gas.
Unocal, through subsidiaries, is producing approximately 200 mmcf
of natural gas per day from the Jalalabad Field on block 13 for
Petrobangla. With the new production from Moulavi Bazar, gross
natural gas production from the fields operated by Unocal
Bangladesh for Petrobangla currently totals about 270 million cubic
feet of gas per day. In addition, Unocal has signed a GPSA to
develop the Bibiyana field which is expected to add another 200
mmcfd beginning in the fourth quarter 2006. With a total expected
investment of $230 million, Unocal estimates that the Bibiyana
field could ultimately produce 500 mmcfd by the end of 2009. About
Unocal Corporation Unocal is one of the world's leading independent
natural gas and crude oil exploration and production companies. The
company's principal oil and gas activities are in Asia and North
America. This news release contains forward-looking statements
about matters such as drilling, development and other plans for
future operations; production rates and timing; development costs;
and assessments of hydrocarbon formations and potential resources.
Although these statements are based upon Unocal's current
expectations and beliefs, they are subject to known and unknown
risks and uncertainties that could cause actual results and
outcomes to differ materially from those described in, or implied
by, the forward-looking statements, including volatility in
commodity prices; Unocal's ability to develop and produce fields in
a timely and cost-effective manner; the accuracy of Unocal's
estimates and judgments regarding hydrocarbon resources and
formations and reservoir performance; operational risks inherent in
the exploration, development and production of hydrocarbons;
international and domestic political and economic factors; and
other factors discussed in Unocal's 2004 Annual Report on Form 10-K
and subsequent reports filed or furnished by Unocal with the U.S.
Securities and Exchange Commission (SEC). Copies of Unocal's SEC
filings are available from Unocal by calling 800-252-2233 or from
the SEC by calling 800-SEC-0330. The reports are also available on
the Unocal web site, http://www.unocal.com/. Unocal undertakes no
obligation to update the forward-looking statements in this news
release to reflect future events or circumstances. All such
statements are expressly qualified by this cautionary statement,
which is provided pursuant to the safe harbor provisions of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Unocal refers to "resource potential" in this
news release. The SEC has generally permitted oil and gas
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. The
SEC's guidelines may prohibit Unocal from including in filings with
the SEC "resource potential" and similar estimates of hydrocarbon
volumes that may be, in whole or in part, potentially recoverable
through additional drilling or recovery techniques. These estimates
are by their nature more speculative than estimates of proved
reserves and accordingly are subject to substantially greater risk
of being actually realized. Please refer to Unocal's 2004 Annual
Report on Form 10-K for some of the risks and uncertainties in the
exploration, development and production of hydrocarbons and for
disclosures regarding Unocal's estimates of its proved reserves as
of December 31, 2004. DATASOURCE: Unocal Corporation CONTACT: News
Media, Barry Lane, +1-310-726-7731, or Investors, Robert Wright,
+1-310-726-7665, both of Unocal Corporation Web site:
http://www.unocal.com/
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