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

To: RGinPG who wrote (18458)	4/8/1998 2:10:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Another major deep water development project in the GOM. newsalert.com Irving, Texas, April 8 (Reuters) - Exxon Corp and British Petroleum Co Plc plan to develop the Hoover and Diana fields in the Gulf of Mexico in a project for which development costs are projected to be $1.2 billion. "This is the first development of seven key worldwide discoveries announced in the past two years," Exxon said in a statement on Wednesday. Exxon and BP will use a drilling and production vessel which is designed to handle 100,000 barrels of oil per day and 325 million cubic feet of natural gas, to extract and store hydrocarbons from Hoover, which is in 4,800 feet of water. Exxon said that the vessel will be in place by 1999 and start production in 2000. New oil and natural gas pipelines will be built to transport output to the shore. The Diana field's six wells will be linked back to Hoover. Hoover and Diana are among 10 fields in the Gulf in water depths of more than 1,350 feet. Exxon has a 66.7 percent in the two fields and BP 33.3 percent, but the Irving, Texas-based oil giant declined to break out its share of development costs. Exxon said that the Gulf is part of its push into deepwater development around the world which have been opened up by new technology. Don't anyone tell Teddy; it'll just depress him.