Printer Friendly

PANCANADIAN ANNOUNCES JOINT VENTURE IN LIBYA

 CALGARY, Alberta, Feb. 1 /PRNewswire/ -- PanCanadian Petroleum Ltd. (Toronto, Montreal, Vancouver, Calgary: PCP) announced today that it has signed an exploration agreement with Fina Exploration Libya B.V., a wholly owned subsidiary of Petrofina S.A. Under the terms of the agreement, PanCanadian will earn a 15 percent working interest in 3.9 million acres in exploratory blocks NC 170, NC 171 and NC 172 in the Sirte Basin in Libya. The work commitment includes 8,500 kilometres of seismic and a 12-well drilling program.
 David O'Brien, president and chief executive officer, said, "By entering this agreement, we have taken a significant step in expanding our international program into a basin that holds significant undiscovered petroleum resources."
 The agreement between Fina and PanCanadian is subject to approval by the Libyan government and the Libyan National Oil Corp. It is anticipated that drilling will commence in mid-1993.
 PanCanadian is a major Canadian-controlled energy company which is the country's second-largest producer of crude oil and sixth- largest producer of natural gas. It produces more than 100,000 barrels per day of crude oil and 440 million cubic feet per day of natural gas. The company has extensive western Canadian land holdings and reserves, and a very strong financial position. PanCanadian has headquarters in Calgary, Alberta, where its new international division is also based.
 -0- 2/1/93
 /CONTACT: Marion J. Wood, corporate communications of PanCanadian Petroleum Ltd., 403-290-2220/
 (PCP.)


CO: PanCanadian Petroleum Ltd.; Fina Exploration Libya B.V. ST: Alberta IN: OIL SU: JVN

JL -- LA020 -- 1379 02/01/93 12:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:261
Previous Article:COMMUNITY PSYCHIATRIC CENTERS NAMES ROBERT L. THOMAS TO BOARD OF DIRECTORS
Next Article:PENTAIR REPORTS RECORD 1992 INCOME
Topics:


Related Articles
PANCANADIAN PETROLEUM LTD. ANNOUNCES RESULTS
PANCANADIAN PETROLEUM ACQUIRES LASMO NOVA SCOTIA
PANCANADIAN EXPANDS NORTH AFRICAN EXPLORATION
ATTENTION BUSINESS EDITORS:
Quicksilver Resources Enters Joint Venture in Alberta; Deal Marks One of Largest Potential CBM Plays in North America.
PanCanadian one step closer to Deep Panuke production with start of front-end engineering design work.
Quicksilver Resources Enters Pilot Phase of Coal Bed Methane Venture; Canadian Subsidiary MGV Energy Takes Next Step of Joint Venture.
PanCanadian and Value Creation sign agreement to pursue oil sands upgrading technology.
PanCanadian and Quicksilver Resources to expand Alberta coal bed methane program.
Petro-Canada confirms joint USD 7 billion investment plan with Libya's NOC.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters