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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: Elmer Flugum who wrote (1418)	4/5/1999 5:07:00 PM
From: John Dunigan	Respond to of 2282

Please pass on the essential parts. The NY Times site wants too much for a quick read. Thanks John

To: Elmer Flugum who wrote (1418)	4/5/1999 6:44:00 PM
From: Elmer Flugum	Respond to of 2282

April 5, 1999 Deal To Develop Iranian Oil Field Filed at 11:51 a.m. EDT By The Associated Press PARIS (AP) -- A consortium made up of Canada's Bow Valley Energy Ltd. and Elf Petroleum Iran has agreed to develop Iran's offshore Balal oil field. The cost of the project is estimated at $300 million, and the first oil from Balal -- some 40,000 barrels a day -- is expected in 2001. Balal is 60 miles southwest of Lavan Island in the Persian Gulf. Reserves there are estimated at 100 million barrels of ''good quality oil,'' France's Elf Aquitaine said in a statement Sunday. Elf Petroleum Iran is a subsidiary of Paris-based Elf Aquitaine. The consortium is to be reimbursed and paid in crude oil in the six-year contract with Iran's national oil company, the statement said.