Exploratory

New Orleans-based independent McMoRan Exploration Co.’s test results on an exploratory well offshore Louisiana indicate it has the potential of producing 50 MMcfe/d. Production is scheduled to begin in the third quarter.

Unsuccessful exploratory drilling in Alaska and the deepwater Gulf of Mexico have increased the 2002 net losses for ConocoPhillips by $18 million, the company said Monday.

Chevron Canada Resources, a Canadian subsidiary of ChevronTexaco Corp., announced Tuesday that it has abandoned the Chevron et al Newburn H-23 exploratory well off the coast of Nova Scotia, but “we’re not packing our bags and leaving.”

Mitchell Energy announced that follow-up drilling in two TexasGulf coast exploratory plays has increased natural gas productionby 30 MMcf/d and oil production by 550 b/d. For November, thecompany’s overall daily production averaged 344 MMcf of gas and5,400 bbl of oil, excluding the effect of a two-day shutdown of itsBridgeport plant to complete connections that will increase theplant’s throughput capacity by 50% in late December. “Discovery ofthe Lower Wilcox and Lake Creek area wells is another example ofour ability to combine 3-D seismic technology with our extensiveknowledge in core field areas to add new reserves,” said CEO GeorgeP. Mitchell. “While the Barnett shale play in North Texas isclearly the driver for much of the company’s volume growth,drilling in our other core areas can also be quite attractive andadd significant production as well.”

Spurred by $20-plus/barrel oil prices, robust economic growthand a deep exploratory well blowout that lasted for months,optimism is growing in California’s central valley oil patch inKern County near Bakersfield.

Spurred by $20-plus/barrel oil prices, robust economic growthand a deep-well exploratory blowout that lasted for months,optimism is growing in California’s central valley oil patch inKern County near Bakersfield.

DTE Energy, Detroit Edison’s parent company, said last week itis in the market to acquire a natural gas supplier. The company isin exploratory stages right now but hopes to have some kind ofagreement by the end of this year, a DTE official said at thecompany’s annual meeting.

DTE Energy, Detroit Edison’s parent company, said this week itis in the market to acquire a natural gas supplier. The company isin exploratory stages right now but hopes to have some kind ofagreement by the end of this year, a DTE official said at thecompany’s annual meeting.