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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (60245)	2/14/2000 10:27:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Triton Signs Major Development Contracts for Ceiba Oil Field DALLAS, Feb. 14 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) today announced that it has signed a multi-year leasing contract with Bergesen DY Offshore AS of Oslo, Norway to lease a floating production storage and offloading (FPSO) vessel that will be the cornerstone of Triton's development of the Ceiba Field, located offshore the Republic of Equatorial Guinea. An FPSO- based development concept was chosen due to its ability to provide early production and flexibility to cost effectively increase future production capacity and overall economic benefit. The accelerated timetable for delivering first oil calls for production to commence by year-end 2000. FPSO specifications include initial onboard processing capacity of 60,000 barrels of oil per day (bopd) and storage of two million barrels of crude oil. The vessel is currently being converted and life extended in Singapore. Provisions are being made during the conversion to facilitate the field addition of production modules up to a combined capacity of 240,000 bopd, should future field appraisal demonstrate that it is required. Consideration is also being made for the future addition of water and gas injection facilities. In addition to the FPSO agreement, The Cameron Divison of Cooper Cameron Corporation (NYSE: CAM) will provide wellheads, subsea production trees, pipeline end manifolds and the subsea and surface installed production control system for four wells. Included in the Cameron scope are the production and control lines between the subsea production tree and the pipeline end manifold. Cameron's SpoolTree(TM) Subsea Christmas Tree System will be utilized for the 5-1/2" tubing completions. James C. Musselman, Triton President and Chief Executive Officer, said: "We are on schedule to meet or exceed our targets for achieving accelerated oil production from the Ceiba Field. Remaining agreements, including rig contracts supporting our two-rig drilling program, are expected to be completed shortly." FPSO vessel The 275,000 dwt (dead weight tonnes) turbine tanker "Berge Charlotte" is presently laying alongside Jurong Shipyard in Singapore where preparations for the conversion are taking place. Long lead items have already been ordered, and the fabrication and assembly of the initial oil and gas processing facilities, provided by ABB Offshore Systems, are well under way. The vessel is a so called VLCC (Very Large Crude Carrier), and measures approximately 350 meters (1150 feet) in length and 52 meters (170 feet) in width. The deck area is equivalent to nearly 3 football fields. The vessel's crude oil storage capacity is 2 million barrels. Ceiba Oil Field Triton announced its Ceiba discovery on October 6, 1999, following drilling and testing of the Ceiba-1 discovery well. The Ceiba-2 appraisal well, announced November 22, 1999, confirmed the field as a commercial oil discovery. Ceiba is located in Block G which combined with Block F encompass an area of approximately 1.3 million acres, located in the Rio Muni Basin off the continental coast of Equatorial Guinea, approximately 150 miles south of the country's capital, Malabo. Triton is the operator of Blocks F and G. The other partner in the blocks is South Africa-based Energy Africa Ltd. About Triton Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas exploration and production company with major oil and gas assets in Latin America, Southeast Asia and West Africa. For more information about Triton, please visit us at: www.tritonenergy.com. Certain statements in this news release, other than historical information, may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Litigation Reform Act. They are subject to various risks and uncertainties, such as the timely completion, cost and result of exploration, appraisal and development activities, and estimates of underground accumulations of oil and gas. These are discussed in detail in the Company's Securities and Exchange Commission filings, including the report on Form 10-Q for the quarter ended September 30, 1999. Actual results may vary materially. SOURCE Triton Energy Limited CO: Triton Energy Limited; Bergesen DY Offshore AS; Cooper Cameron Corporation; Energy Africa Ltd. ST: Texas, Norway, Equatorial Guinea, South Africa IN: OIL SU: CON 02/14/2000 08:39 EST prnewswire.com