Success in deepwater exploration in the Gulf of Mexico improvedthe outlook for both oil and natural gas resources, according to anupdated report by the Minerals Management Service. The 2000 MMSresource assessment now indicates that there is a 65% increase inconventional recoverable oil reserves and a 35% increase in naturalgas on the outer continental shelf.
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Unocal Sees Production Rising More Slowly
Unocal Corp. said it expects worldwide average net oil and gasproduction to rise 44% to nearly 700,000 Boe/d by 2004. The updatedoutlook reflects a 7.6% annual growth in net worldwide productionfrom an estimated 485,000 Boe/d in 1999. Net Lower 48 U.S.production is expected to rise 44% to an estimated 237,000 Boe/d in2004.
Burlington Takeover of Poco Progresses
Burlington Resources Inc. this week filed updated pro forma financial information with the Securities and Exchange Commission (SEC) regarding its pending acquisition of Poco Petroleums Ltd. to include third quarter results of combined operations. Shareholders of Calgary-based Poco yesterday approved the C$2.6-billion takeover that would create North America’s fourth-largest gas producer.
Burlington Takeover of Poco Progresses
Burlington Resources Inc. this week filed updated pro formafinancial information with the Securities and Exchange Commission(SEC) regarding its pending acquisition of Poco Petroleums Ltd. toinclude third quarter results of combined operations. Shareholdersof Calgary-based Poco yesterday approved the C$2.6-billion takeoverthat would create North America’s fourth-largest gas producer.