AMOCO SIGNS PRODUCTION SHARING AGREEMENT IN MALTA
AMOCO SIGNS PRODUCTION SHARING AGREEMENT IN MALTA CHICAGO, Feb. 10 /PRNewswire/ -- Amoco Corporai?on today announced
that officials of Amoco Mediterranean Petroleum Company, AGIP International B.V., and the Republic of Malta signed a production sharing contract for 837,700 offshore acres located about 60 miles south of Malta.
According to the contract, Amoco Mediterranean will operate an exploration program that includes a commitment for acquiring seismic data and drilling at least one well in the next three years. If a commercial discovery is made, Amoco and AGIP may develop the petroleum resources and share production with the Republic of Malta according to terms of the contract. "We are optimistic about the prospect of discovering petroleum resources offshore Malta," Amoco Corporation Chairman H. Laurance Fuller said earlier today at signing ceremonies in Valetta, the capital city of the Republic of Malta. "Amoco intends to apply the industry's best, most up-to-date technology and management expertise to our exploration efforts. "The signing of this agreement for offshore blocks in license area 4 should demonstrate once again our commitment to building a long-term business relationship with the Republic of Malta -- a business relationship that is mutually beneficial to our company, to our partners, and to the economy and people of this nation," he said. "It is my hope that, as a result of our exploration efforts and successful business partnership here, I will return to the Republic of Malta one day soon to celebrate our exploration success and the beginning of oil production." The new contract covers blocks 3 and 4 in area 4 offshore Malta. Amoco Mediterranean has 60 percent working interest and AGIP has the remaining 40 percent working interest in the contract area. With more than 1.7 million acres under contract, Amoco Mediterranean is an active participant in the search for oil offshore Malta. Amoco currently is drilling an exploration well in contract area 3, which is located north of Malta. Amoco operates blocks 2 and 3 in contract area 3 in partnership with BHP Petroleum Company. Amoco Mediterranean Petroleum Company is a subsidiary of Amoco Production Company, the worldwide petroleum exploration and production subsidiary of Amoco Corporation. -0- 2/10/92 /CONTACT: Patricia Wright, 312-856-5566, or Ralph Stow, 312-856-5481, both of Amoco Corporation/ (AN) CO: Amoco Corporation; AGIP International B.V. ST: Illinois IN: OIL SU: SM -- NY062 -- 8326 02/10/92 13:25 EST
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|Date:||Feb 10, 1992|
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