Occidental Petroleum Corp., based in Los Angeles, said it replaced 140% of its 2002 worldwide production of 188 MMboe at an average finding, development and acquisition cost of $4.65/boe. Worldwide proven reserve additions from all sources in 2002 totaled approximately 263 MMboe, resulting in a 3% increase in reserves to 2.31 Bboe a reserves-to-production ratio of 12.3 years at the end of 2002. Improved recovery contributed 141 MMboe, or 54% of 2002 total reserve additions. Acquisitions made up 68 MMboe, and extensions and discoveries added 51 MMboe, or 26% and 19% of the total, respectively. The remaining 1% came from revisions. Approximately 69% of the 2002 worldwide reserve additions came from U.S. operations, replacing 153% of U.S. production of 119 MMboe. In addition, the company replaced 117% of its international production of 69 MMboe. For the three-year period, 2000-2002, Occidental’s average annual reserve replacement rate was 316% at an average finding, development and acquisition cost of $4.09/boe.

Oneok’s Kansas Gas Service(KGS) division on Monday announced that it has filed an application with the Kansas Corporation Commission (KCC) for a $76 million rate increase. The company pointed out that the last time the company was granted a rate increase by the KCC was in 1996. Since then, the company has invested $250 million to improve its pipeline and facilities network to serve 642,000 natural gas customers in the state of Kansas. KGS was allowed to earn a return on investment of just less than 9% in 1996. Currently the company is earning 2.3% on its investment and is requesting a return of 9.3%. The company said it has implemented a hedging program this winter season that will save customers approximately $60 million in gas costs. According to KGS, the commission will likely issue an order in September and new rates could become effective as early as Nov. 1, 2003.

Spanish oil and gas major Repsol YPF of Madrid has exercised an option to buy another 20% of BP‘s Trinidad and Tobago reserves. Repsol said in a statement it had bought 20% of a company called BPRY, in which it already holds a 10% interest. No financial details were disclosed. BPRY owned 100% of BP Trinidad and Tobago (BPTT). Repsol announced in September 1001 that it had discovered 990 Bcf in the Iron Horse field, east of the Caribbean islands, and said then that it planned to exercise its option to buy an additional 20% of BP’s gas and liquids reserves, tripling its production and reserves of hydrocarbons in Trinidad and Tobago.

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