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To: pater tenebrarum who wrote (12464)	8/21/2000 12:46:23 PM
From: Ken98	Read Replies (1) \| Respond to of 436258

<<The Fed also permanently added reserves through a $750 million coupon pass, which settles Tuesday.>> That's in addition to the $7B in temps earlier today.

To: pater tenebrarum who wrote (12464)	8/22/2000 6:44:32 PM
From: John Pitera	Read Replies (1) \| Respond to of 436258

Massive fields discovered off of Nigeria and Angola. big new finds in INdonesia. Tuesday August 22, 11:15 am Eastern Time Press Release ExxonMobil Angola Affiliate Makes Eighth Deepwater Oil Discovery on Angola Block 15 IRVING, Texas--(BUSINESS WIRE)--Aug. 22, 2000--Exxon Mobil Corporation (NYSE:XOM - news) today announced that its subsidiary, Esso Exploration Angola (Block 15) Limited (Esso), has made a deepwater oil discovery, its eighth oil find on Angola Block 15. The discovery, named Saxi-1, encountered an oil-bearing reservoir that flowed at a test rate of 5,400 barrels per day. The well was drilled in 2,200 feet (680 meters) of water to a total depth of 10,800 feet (3,200 meters). It is located 220 miles (350 kilometers) northwest of Luanda. Esso and Sociedade Nacionale de Combustiveis de Angola (Sonangol), the state oil company of Angola, have previously announced seven Block 15 discoveries, with the Mondo discovery in 2000, the Chocalho and Xicomba discoveries in 1999, and the Hungo, Kissanje, Marimba and Dikanza discoveries during 1998. Block 15 represents a world-class development opportunity with recoverable reserves potential in excess of 3 billion oil equivalent barrels. Development planning and concept selection activities continue to progress toward first production. Esso is operator for Block 15 with a 40 percent working interest. Other co-venturers include BP Exploration (Angola) Limited (26.67 percent), Agip Angola Exploration B.V. (20 percent) and Statoil (13.33 percent). ExxonMobil has established a major position in the deepwater off West Africa. ExxonMobil is the largest multinational deepwater acreage holder in West Africa with interests in 23 blocks totaling more than 20 million gross acres in Angola, Republic of Congo (Brazzaville) and Nigeria. ExxonMobil and its co-venturers have announced 21 key deepwater discoveries that represent world-class development opportunities. -------------------------------------------------------------------------------- Monday August 21, 1:14 am Eastern Time Indonesia to review Exxon Natuna gas project JAKARTA, Aug 21 (Reuters) - Indonesian President Abdurrahman Wahid on Monday ordered the Mines and Energy Ministry and state oil company Pertamina to review a giant gas project in the Natuna field operated by Exxon Mobil Corp (NYSE:XOM - news). ``The president has asked Pertamina and the Mines and Energy Ministry to review the steps for the Natuna D-Alpha project that is operated by Exxon Mobil,'' Pertamina President Director Baihaki Hakim told reporters after meeting Wahid. ``We know this project needs big funding and there are difficulties finding a market currently. But this project is important for Indonesia's future...,'' he said, without saying exactly what the review would cover or if it was routine. In 1995, Indonesia and Exxon signed a basic agreement covering an estimated $40 billion to be invested in the giant offshore gas project in the South China Sea. The field is not yet in production. Pertamina has a 24 percent stake in the Natuna D-Alpha gas field and Exxon Mobil 76 percent. Hakim said Pertamina would carefully study the options for development of the Natuna D-Alpha project when the production sharing contract with Exxon Mobil expired in 2004. ``We will study the options. Whether we are going to extend the contract or retender the area,'' Hakim said. ``This is normal when a contract expires. We have to see what is best for the country.'' Pertamina has previously said Exxon Mobil would be asked to end its involvement in the gas field if there was no commercial recovery of gas by 2004. <b?The Natuna field operated by Exxon Mobil contains an estimated 222 trillion cubic feet (TCF) of gas, of which 46 TCF are thought to be commercially recoverable. --------------- Kazakstan ---------------- Thursday August 3, 11:10 am Eastern Time Big Kazakh oil find needs more study - Shell LONDON, Aug 3 (Reuters) - Royal Dutch/Shell (quote from Yahoo! UK & Ireland: SHEL.L) said on Thursday a lot of work was necessary to establish the commercial promise of a Kazakh oil discovery widely seen as one of the industry's most exciting. ``This is going to be a large venture that will be with us for many years,'' exploration and production chief Phil Watts said of the Kashagan find at a briefing for journalists. ``This was the largest undrilled structure in the world that was remaining and that was known about. We have one well which is currently completing testing. The next well is more than 50 km away which gives you an idea of the scale.'' ``It's obviously a very large find but we have to do a lot of appriasal and exploration in the area just to confirm the significance of it. It's not just the volume but also what is realistically the technical cost and the ultimate profiability.''