Unocal Successfully Starts Thai Oil Expansion Project
June 09 2005 - 11:00AM
PR Newswire (US)
Unocal Successfully Starts Thai Oil Expansion Project EL SEGUNDO,
Calif., June 9 /PRNewswire-FirstCall/ -- Unocal Corporation
(NYSE:UCL) today said that its Unocal Thailand Limited subsidiary
has successfully started up the second oil central processing
platform (CPP) at the Platong operating area in the Gulf of
Thailand. The Platong Oil CPP 2 was brought online safely and on
schedule marking a major milestone for the project's goal of
significantly increasing Unocal's current crude oil production in
the Gulf of Thailand by the third quarter 2005. "With the timely
platform installation and successful start up on schedule, we are
on track to achieve our target of ramping up gross crude oil
production to 40,000 barrels per day (b/d) by the third quarter
this year, from the current level of 24,000 b/d gross," said Tara
Tiradnakorn, Unocal Thailand president. "This production increase
significantly adds to Thailand's total indigenous crude oil output
and helps the Kingdom reduce its dependence on oil imports." Unocal
Thailand's initial crude oil production from the first phase of the
Thai Oil development started at some 3,000 barrels (gross) in July
2001. Oil production from five operating areas -- Kaphong, Plamuk,
Platong, Surat and Yala -- has continued to increase and cumulative
production reached 20 million barrels (gross) in January 2005. The
Platong Oil CPP2 is the largest central processing platform ever
constructed in Thailand. The CPP was successfully installed at the
Platong complex in March after the 13-month construction at CUEL's
Laemchabang fabrication yard on Thailand's eastern seaboard. "The
Platong crude oil development not only helps the country meet its
rising energy demand but also demonstrates Unocal Thailand's
world-class performance in delivering on commitments to the Kingdom
of Thailand," said Stephen Green, Unocal's vice president for
International Energy Operations. "The 22-month timeframe from
project sanction to production startup is another example of the
extraordinary capabilities of our Unocal Thailand team." The Thai
oil expansion project is the last of the five major Unocal
development projects that were slated to begin production in 2005.
So far this year, Unocal has participated in new production from
the Mad Dog (Unocal, 15.6% working interest) and K2 (Unocal, 12.5%
W.I.) fields in the deepwater Gulf of Mexico, the Moulavi Bazar gas
field (Unocal, 100% W.I.) in Bangladesh, and the Central Azeri
crude oil export project (Unocal, 10.3% W.I.) in the Caspian Sea.
So far in 2005, Unocal Thailand's gross daily production (Unocal,
average 64% W.I.) has averaged approximately 1.280 billion cubic
feet of natural gas, 42,000 barrels of condensate, and 24,000
barrels of crude oil. Unocal Thailand operates 16 operating areas
in the Gulf of Thailand on behalf of Mitsui Oil Exploration Co.,
Ltd., PTT Exploration and Production Public Company Limited, and
Amerada Hess (Thailand), Ltd. About Unocal Corporation Unocal is
one of the world's leading independent natural gas and crude oil
exploration and production companies. The company's principal oil
and gas activities are in Asia and North America. For more
information, visit the company's web site at
http://www.unocal.com/. This news release contains forward-looking
statements about matters such as production rates and timing and
other plans for future operations. Although these statements are
based upon Unocal's current expectations and beliefs, they are
subject to known and unknown risks and uncertainties that could
cause actual results and outcomes to differ materially from those
described in, or implied by, the forward-looking statements,
including whether the pending merger with Chevron is completed and
the effects on Unocal in the event that it is not completed;
volatility in commodity prices; Unocal's ability to develop and
produce fields in a timely and cost-effective manner; the accuracy
of Unocal's estimates and judgments regarding hydrocarbon resources
and formations and reservoir performance; operational risks
inherent in the exploration, development and production of
hydrocarbons; international and domestic political and economic
factors; and other factors discussed in Unocal's 2004 Annual Report
on Form 10-K and subsequent reports filed or furnished by Unocal
with the U.S. Securities and Exchange Commission (SEC). Copies of
Unocal's SEC filings are available from Unocal by calling
800-252-2233 or from the SEC by calling 800-SEC-0330. The reports
are also available on the Unocal web site, http://www.unocal.com/.
Unocal undertakes no obligation to update the forward-looking
statements in this news release to reflect future events or
circumstances. All such statements are expressly qualified by this
cautionary statement, which is provided pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. DATASOURCE: Unocal
Corporation CONTACT: Media, Barry Lane, +1-310-726-7731, or
Investors, Robert Wright, +1-310-726-7665, both of Unocal Web site:
http://www.unocal.com/
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