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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: Alan who wrote (4423)	10/30/1997 1:03:00 PM
From: Teddy	Read Replies (1) \| Respond to of 11888

Thursday October 30 10:50 AM EST Chevron overseas head upbeat on growth potential NEW YORK, Oct 30 (Reuters) - The president of Chevron Overseas Petroleum Inc said Thursday that current production from the giant Tengiz oil field in Kazakhstan is at 160,000 barrels per day (bpd) and is expected to rise to 185,000 bpd by the end of the year. In an upbeat assessment of Chevron's overseas growth potential ahead of a briefing for Wall Street analysts, Richard Matzke said there was ''nothing but good news particularly in West Africa where most of the growth is expected to come from in the next few years.'' Matzke said that production at Tengiz was ''market limited'' and could be more than one million bpd once routes to deliver it are secured. He said a deep well will be drilled in the middle of the Tengiz reservoir next year, which could determine whether or not the field has even greater potential. ''It could be two to three times as big as we think it is if the middle (of the reservoir) is full of oil,'' Matzke said. Current estimates of the recoverable oil from Tengiz are between six and nine billion barrels. Matzke also said that prospects from fields off the coast of West Africa could be enormous. He said more evaluation of Block 14 off the Angola/Congo coast was currently being undertaken. ''But clearly we are into an extremely large reserve,'' he said. He added only two of 30 channels in the Block have so far been evaluated and it will be another six months before specific reserve numbers can be declared. But he said he ''wouldn't disagree'' with estimates which put the potential recoverable oil from Block 14 at one billion barrels.