(COMTEX) B: GULF INDONESIA, TALISMAN AND PERTAMINA START 300 MMCF/D C
B: GULF INDONESIA, TALISMAN AND PERTAMINA START 300 MMCF/D CORRIDOR GAS
Project
DENVER, Colo., Oct. 4 /CNW/ - Gulf Indonesia Resources Limited,
Talisman (Corridor) Ltd. and Pertamina announced today that first gas
deliveries have commenced from the Corridor Gas Project to the Duri
steamflood project in central Sumatra operated by PT Caltex Pacific
Indonesia. Natural gas is being delivered through a 544-kilometer
(approximately 340-mile) pipeline constructed and operated by PT
Perusahaan Gas Negara (PGN), the Indonesian state gas
distribution/transmission company.
''The start of gas deliveries to Duri marks a tremendous achievement
for Gulf Indonesia, Talisman, Pertamina, PGN and Caltex,'' said William
T. Fanagan, President and Chief Executive Officer of Gulf Indonesia.
''This milestone is the culmination of an enormous amount of effort by
all parties starting from the first discovery of gas in the Corridor
Block in 1990. We are very proud to start up the Corridor Gas Project
on time and on budget.''
''This has been a major undertaking, well planned and well executed,''
said Dr. Jim Buckee, President and Chief Executive Officer of Talisman
Energy. ''Corridor clearly demonstrates the potential for continuing
profitable and reliable growth in Indonesia, despite the continuing
financial crisis in southeast Asia. The stage is now set for
additional gas deliveries from this very prolific area.''
By the end of 1998, the Corridor Gas Project is expected to produce
approximately 300 million cubic feet per day of sales gas displacing
approximately 48,000 barrels per day of crude oil currently being used
to generate steam at Duri, the largest steamflood project in the world.
Corridor natural gas is expected to displace in excess of 250 million
barrels of crude oil over the life of the project. The natural gas
delivered to Duri will be exchanged on an energy equivalent basis for
crude oil that will be sold offshore on behalf of the participants
through a nine-year marketing agreement with ITOCHU Petroleum Co.,
(Hong Kong) Ltd.
Gulf Indonesia (GRL:NYSE) holds a 54 per cent working interest in the
Corridor Block Production Sharing Contract and is contract operator for
Pertamina, the Indonesian state oil company. Partners are Talisman
(Corridor) Ltd., a wholly owned indirect subsidiary of Talisman Energy
Inc. (TLM:TSE, ME, VSE, NYSE), with 36 per cent and Pertamina with 10
per cent.
This report contains forward-looking statements within the meaning of
Section 27A of the United States Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Although GRL and TLM believe
that their expectations are based on reasonable assumptions, these
assumptions are subject to a wide range of business and technical
risks, and there is no assurance these objectives will be achieved.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
the Canadian Press Photo Network/
SOURCE Gulf Indonesia Resources Limited; Talisman Energy Inc.
-0- 10/4/98
/CONTACT: Gulf Indonesia Resources Limited, Investor Relations and
Public Affairs, Denver, 888-937-4636 (INDO) or 303-813-3800; Talisman
Energy Inc., David Mann, Manager, Investor Relations & Corporate
Communications - Calgary, 403-237-1196/
(GRL TLM. TLM)
CO: Gulf Indonesia Resources Limited; Talisman Energy Inc. ST:
Colorado IN: OIL SU:
-30- |
