Burlington looking to acquire Arco-held Latin American exploration properties

Aug 03, 1999 02:00 AM

Los Angeles-based Arco and Houston-based Burlington Resources Inc. announced that they have entered into exclusive discussions related to the sale of Arco's Ecuador operations and other Arco-held Latin American exploration properties.
The two companies said that any final agreement would require the approvals of their respective Boards of Directors and the governments involved. The companies are hoping to complete negotiations and obtain Board approvals by the end of August 1999.

In Ecuador, Arco Oriente Inc. recently started production from Villano, a 200 mm barrel field of 21-degree crude oil which was discovered in 1992. Arco has a 60 % interest in the Ecuador Block 10 service contract, which includes the Villano field, the most significant property in the proposed sale package. Gross production from the field is estimated to reach 40,000 bpd by year-end.
The package also includes Block 24 in Ecuador, which was awarded to Arco under a Participation Contract in 1998 for a 4-year exploration period, with an optional 2-year extension.

Burlington Resources is engaged in the exploration, development, production and marketing of oil and gas. The Company conducts activities in several strategic areas, domestically and internationally, including the San Juan Basin of New Mexico, the deepwater province of the Gulf of Mexico, the East Irish Sea, the North Sea, North Africa and Latin America. BR ranks first among U.S. independent oil and gas companies in terms of proved U.S. reserves.

Arco is a world-wide integrated hydrocarbons corporation with operations encompassing all aspects of the oil and gas business: exploration, production, and marketing of crude oil, natural gas and natural gas liquids, and the refining, marketing and transportation of petroleum products. In addition to its Ecuador operations, Arco has significant activities on the North Slope of Alaska and in the Gulf of Mexico, Venezuela, the Permian Basin, China, Indonesia, the North Sea and North Africa.

Source: Business Wire via Newspage
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