HOUSTON, June 22 /PRNewswire/ -- Ocean Energy (NYSE: OEI) and its partners
announced today that production has begun from the first well in the new Jade
platform in the Zafiro Field at a rate of more than 12,000 barrels of oil per
day. The platform is located in Block B approximately 35 miles offshore
Equatorial Guinea.
"This represents a significant step in our development plans for the
Zafiro Field, and it strengthens our position as the largest U.S. independent
in West Africa in terms of both production and acreage," said James T.
Hackett, Chairman, President and Chief Executive Officer. "The first well is
flowing above our original estimates, and we are encouraged about the ramp up
in production that should occur during the rest of the year."
The Jade project pushes production from the ExxonMobil-operated Zafiro
Field to more than 112,000 daily barrels, and will eventually contribute some
60,000 barrels a day to field production when Jade reaches peak rates in 2002.
Currently, there are 22 producing wells in the field. On the Jade platform, a
total of 17 wells are planned for completion during the next 18 months.
The Jade platform is the largest fixed structure of its kind in West
Africa. Facilities include a 40-slot conventional steel jacket platform in
550 feet of water capable of producing 60,000 barrels of crude oil per day
with a subsea pipeline to dedicated tanker storage. The structure also
features an integrated rig that will be used to drill and complete additional
wells for the development of the satellite reservoirs in the eastern portion
of the Zafiro Field.
Ocean Energy holds a 23.75 net working interest in Block B, which spans
more than 500,000 gross acres. Other co-venturers include ExxonMobil and the
Government of Equatorial Guinea.
OEI's first discovery in Equatorial Guinea was made in the Zafiro Field in
1995. In addition to Equatorial Guinea, the company's West Africa exploration
and production program includes Cote d'Ivoire and Angola, where Ocean Energy
is the only U.S. independent with acreage and working interest. Ocean's total
gross acreage position in West Africa is more than six million acres.
Ocean Energy, Inc. is an independent energy company engaged in the
exploration, development, production, and acquisition of crude oil and natural
gas. North American operations are focused in the shelf and deepwater areas
of the Gulf of Mexico, South and East Texas, and the Mid-Continent, Permian
Basin and Rocky Mountain regions. Internationally, the Company conducts oil
and gas operations in the West African countries of Cote d'Ivoire, Equatorial
Guinea and Angola, and in the countries of Egypt, Tatarstan, Pakistan and
Yemen.
Certain statements in this news release regarding future expectations,
plans for acquisitions, dispositions, and oil and gas reserves, exploration,
development, production and pricing may be regarded as "forward-looking
statements" within the meaning of the Securities Litigation Reform Act. They
are subject to various risks, such as operating hazards, drilling risks, the
inherent uncertainties in interpreting engineering data relating to
underground accumulations of oil and gas, as well as other risks discussed in
detail in the Company's SEC filings, including the Annual Report on Form 10-K
for the year ended December 31, 1999. Actual results may vary materially.
SOURCE Ocean Energy
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Related links:
http://www.oceanenergy.com
Company News On-Call:
http://www.prnewswire.com/comp/913463.html or fax,
800-758-5804, ext. 913463
CONTACT:
financial, Bruce Busmire, 713-265-6161, or
media, Janice Aston White, 713-265-6164, both of Ocean Energy
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