Printer Friendly

UNION TEXAS PETROLEUM VENTURE AWARDED NEW PETROLEUM CONCESSION AGREEMENT BY PAKISTAN GOVERNMENT

 UNION TEXAS PETROLEUM VENTURE AWARDED NEW PETROLEUM
 CONCESSION AGREEMENT BY PAKISTAN GOVERNMENT
 HOUSTON, Feb. 10 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. announced that the Pakistan government has signed a new petroleum concession agreement to be operated by its subsidiary Union Texas Pakistan, Inc.
 Under terms of the new agreement, Union Texas will have a 25.5 percent working interest in the joint venture, which includes Oil and Gas Development Corporation (OGDC), a Pakistan government-owned company, with a 49 percent working interest, and Occidental Petroleum Pakistan, a subsidiary of Occidental Petroleum Corporation, with a 25.5 percent working interest.
 The Union Texas-led joint venture will explore for and develop crude oil and natural gas in the concession area, known as Badin-II, in the Sindh province of southeastern Pakistan. The concession area covers approximately 1.68 million acres (about 2,631 square miles) in the Badin, Hyderabad, Mirpurkhas, Tharparkar and Thatta districts. The venture plans to spend approximately $5 million in 1992 for seismic surveys of the Badin-II area. Under terms of the new agreement, the venture will drill one exploration well during the first year of the agreement.
 The new concession surrounds the Badin-I area, which comprises mining leases covering oil and gas discoveries made during the exploration of the original Badin concession awarded to the same Union Texas group by the Pakistan government in April 1977. In the Badin-I area, the Union Texas venture has discovered 29 oil and gas fields, of which 11 have been placed on production. In 1991, the venture set a record for its gas production from the Badin-I area, averaging 144 million cubic feet daily, up 33 percent from 1990. Demand for natural gas continues to grow in Pakistan, particularly as a fuel for electric power generation. Oil production from the venture's operations in the Badin-I area averaged approximately 17,300 barrels a day in 1991, essentially level with 1990 due to transportation constraints related to export activities. The venture's oil operations in the Badin-I area accounts for about 25 percent of Pakistan's total domestic oil output. Union Texas has a 30 percent working interest in the Badin-I concession, OGDC a 40 percent working interest and Occidental a 30 percent working interest.
 One of the nation's largest independent producers, Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic international areas. The company also has petrochemicals interests in the United States.
 -0- 2/10/92
 /CONTACT: Carol L. Cox of Union Texas Petroleum, 713-968-3258/
 (UTH) CO: Union Texas Petroleum Holdings, Inc. ST: Texas IN: OIL SU:


JT -- NY041 -- 8254 02/10/92 11:44 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1992
Words:447
Previous Article:MICRO HEALTHSYSTEMS REPORTS RECORD THIRD QUARTER AND NINE MONTHS REVENUES, NET INCOME AND NET INCOME PER SHARE
Next Article:U.S. TO GET LAND ROVER MODEL; RANGE ROVER OF NORTH AMERICA TO CHANGE NAME
Topics:


Related Articles
Oil exploration agreements.
UNION TEXAS PETROLEUM SAYS YPF TO JOIN IN OFFSHORE ARGENTINA EXPLORATION VENTURE
UNION TEXAS PETROLEUM ANNOUNCES EXPLORATION CONCESSION EXTENSION BY PAKISTAN GOVERNMENT
UNION TEXAS PETROLEUM INCREASES HOLDINGS IN ALASKA'S WESTERN COLVILLE AREA
Union Texas Petroleum And Oman Oil Company Form New Exploration Venture Onshore Kazakstan And Offshore In Caspian Sea
Energy.
Union Texas Petroleum to Operate Enhanced Oil Recovery Project in Azerbaijan
EIA: Energy Information Administration.
Pakistan Oilfields Limited (POL).
Ras Al Khaimah Signs New Exploration and Production Agreement.

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