Arakis Energy - Heglig Oil Production Commences; Valid Status of Sudan Concession Reconfirmed.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Aug. 1, 1996-- ARAKIS ENERGY CORPORATION reports that its wholly-owned subsidiary, State Petroleum Corporation ("State"), delivered 47,386 barrels of crude oil, between June 25 and July 29, 1996, to the Government of the Republic of Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. at the Heglig field gate. The oil production is from State's Early Production System ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. "), which was completed in April, 1996, and is capable of handling up to 25,000 bopd. The completion of the EPS was one of State's work obligations under the terms of the Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. ("PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ") between State and the Government of the Republic of Sudan. The government owned and operated oil refinery at El Obied was officially opened July 22, 1996, and is capable of handling up to 10,000 bopd. State continues to move forward with its exploration and development program under the terms of the PSA. On July 30, 1996, State received a letter from Dr. Awad Ahmed Eljazz, Minister of Energy and Mining, Republic of Sudan, and signed by Salah Hassan Wahbi, Head of Oil Exploration and Production Authority, Ministry of Energy and Mining, confirming that, "the Production Sharing Agreement between the Government of Sudan and State Petroleum Corporation in the areas covering Heglig, Unity and Kaikang to date, is valid and in force." State is discussing with the government of the Sudan the timing of the work commitments under the PSA and the satisfaction of those commitments. State has spent in excess of US$ 100 million to date in developing the Concession. State has proposed a work program for 1996 and 1997, to be financed with cash on hand, which will satisfy any obligations which may remain outstanding. CONTACT: Arakis Energy Corporation David Harrison David Harrison may refer to:
403/263-2471 403/263-8069 (FAX) |
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