Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: warren harris who wrote (71540)	8/23/2000 8:29:38 PM
From: warren harris	Respond to of 95453

PH - NIGERIAN AGBAMI DOUBTS Aug. 23, 2000 (Hart's E & P Daily via COMTEX) -- The fast-tracking of Agbami is in doubt with the amount of recoverable reserves slashed and the Nigerian government telling Texaco to put a stop to the bidding process. While Texaco has been bandying around a 1 Bn bbl figure for crude reserves for the deepwater field, E&P Daily has learnt the current recoverable figure, after only two wells, is 272m bbl. The Nigerian authorities have told Texaco that this currently makes the field uncommercial for a large-scale development and more reserves have to be found before the project can continue. However, Texaco says the timing of the development was always flexible and that first production is still expected in 2004. "With further wells reserves will be increased, nothing has been booked yet," a spokeswoman said. Dr Andrew Uzoigwe, Group Executive Director of Exploration and Production at the Nigerian national oil company, wrote to the head of Texaco Star Deep earlier this month saying: "...the bids already received should be suspended..." and: "the drilling of at least two more appraisal wells is necessary to establish reserves...these will reduce the present uncertainty with regards to the field's structures." It is now uncertain how long the development will be delayed, assuming there is adequate oil for a full deepwater development, which seems certain. Statoil is drilling the Ekoli-1 well on its share of the structure in neighbouring Block 217 at the moment with the Deepwater Millennium. Results are expected before the end of the month. -0- Copyright Phillips Publishing, Inc.

To: warren harris who wrote (71540)	8/23/2000 9:31:49 PM
From: B.REVERE	Respond to of 95453

This is great news Warren. Tell Mehdi to get on line with the rest of the world in getting a rig. We should be seeing his oil hitting the market in about three years. Memo to IRAN: We know you can find plenty of oil. We also know you and the rest of the world have no spare rigs in place to get it into production. P.S. Tell Bubba, he thinks you're holding back.

To: warren harris who wrote (71540)	8/23/2000 10:58:53 PM
From: russet	Read Replies (1) \| Respond to of 95453

<<<"Preliminary seismic studies show that we have 10 Bn barrels of in-place crude in our 20% of the Caspian Sea, of which 2.5 to 3 Bn barrels are recoverable," Mehdi Mir-Moezzi, deputy head of the National Iranian Oil Company (NIOC) told reporters. Mir-Moezzi added that Iran will soon tender for a deepwater semi-floating rig to explore for and develop the reserves.>>> Is there a new way to use seismic to prove up a resource without drilling for it to prove it's there and recoverable? Perhaps I should have stayed in bed today.