Unocal's Spirit Energy 76 unit reaches agreement with Mad Dog field owner

Jul 11, 2000 02:00 AM

Unocal's Spirit Energy 76 unit said that an agreement has been reached with the Mad Dog field owners that creates in Unocal a 15.6 % working interest in an expanded area covering the entire Mad Dog field in the deepwater Gulf of Mexico.
Prior to the revised equity distribution, Unocal held a 25 % working interest in the original 2-1/2-block unit, which covered Green Canyon blocks 825, 826 and the southern half of block 782.
The co-venturers agreed, based on the results of appraisal drilling, that the Mad Dog field likely extends beyond the original drilling unit into surrounding blocks. The agreement expands the Mad Dog field to include Green Canyon blocks 738, 739, 781, 783, 827 and the northern half of block 782. Additional appraisal drilling is planned. BP Amoco is operator for the Mad Dog field.
When Unocal announced the initial oil discovery on April 12, 1999, it said Mad Dog was a very significant discovery that could represent a "trend opening" discovery for the deepwater fold belt sub-salt play where the company has significant interests.

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company also focuses on pipeline and power plant projects in Asia and the Americas. At year-end 1999, the company had world-wide natural gas reserves of 6.6 tcf, representing two-thirds of the company's overall hydrocarbon reserves. Unocal's net world-wide natural gas production averaged more than 1.8 bn cfpd. This includes 1 bn cfpd in North America, where Unocal is one of the largest independent natural gas producers.

Source: Unocal Corporation
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