Enron Oil & Gas Co. said it expects 1998 all-sources netproved reserve additions of more than 1.6 Tcfe, resulting in areserve replacement ratio greater than 375%. The company’s 1998production is estimated to be 420 Bcfe, and 1998 average unitfinding cost is anticipated to be below 50 cents/Mcfe. Of thereserves added in 1998, about 800 Bcfe were added in Trinidad,300Bcfe in India and 500 Bcfe in North America.
“While we have had significant results in all of our divisions,we are particularly pleased with recent production growth offshoreGulf of Mexico and onshore Texas,” said Mark G. Papa, EOG CEO.
The company has realized upside from its recent Matagorda Islandacquisition. BP Amoco, the operator of the Matagorda Island 623 gasfield offshore Texas in which EOG has a 19% working interest,recently completed a well from an existing platform in the block.The addition of this well increases total field production capacityto about 370 MMcf/d. BP Amoco has a 44% working interest andAnadarko has a 37% working interest in the Matagorda Island Block623 Unit.
In recent months, EOG’s Tyler Division has developed more than32 MMcfe/d of net delivery capacity in the Big Hill area ofsoutheast Texas. A two-rig drilling program continues to exploitreserves defined by two 3-D seismic surveys. EOG controls 16,000net acres and operates several wells in the area with an average95% working interest.
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