Amoco to Develop Major Natural as Field Focused on Trinidad &Tobago demand Growth

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12 March 1998

Amoco Corporation today announced plans to develop one of its largest natural gas discoveries offshore Trinidad and Tobago to assist in meeting the significant future demand growth on the islands.

The $230 million investment is an important step as the company moves to increase its Trinidadian gas production from the current 350 million cubic feet of gas per day to more than one billion cubic feet of gas per day over the next three years. First production of natural gas from the Amherstia field is slated for first quarter 2000. The near two trillion cubic feet of gas resources will also yield significant quantities of crude oil and condensate.

"Amoco is committed to working with the government of Trinidad and Tobago as the country continues to successfully develop its energy sector and attract gas- consuming industries to the islands," explained L Richard Flury, executive vice president responsible for Amoco's exploration and production business. "The go ahead for the Amherstia development underscores both our commitment to Trinidad's domestic natural gas customers as well as our cooperative role in helping to establish Trinidad as a world class natural gas supplier."

Over the next few years Amoco Trinidad Oil Company (ATOC) will supply the National Gas Company of Trinidad and Tobago with an additional 350 million cubic feet of gas per day for a number of its new domestic industrial consumers. Amoco will also supply 430 million cubic feet of gas per day to the Atlantic LNG export project in Trinidad. Production from Atlantic Train one, now under construction, is set for first half of 1999.

Said ATOC President David Wight, "Amherstia is a tremendous addition to our high quality portfolio in Trinidad, offering the flexibility to meet a wide range of current and future customer needs."

The announcement of the Amherstia development follows a series of recent high profile exploration successes for ATOC. In January 1998, the company announced its largest crude oil discovery in 25 years following the drilling of the Immortelle No. 9 well, with estimated oil reserves of 4070 million barrels. In 1997, ATOC discovered a total of more than three trillion cubic feet of natural gas and more than 40 million barrels of oil and condensate.

Added Wight, "We are delighted that the investment in the Amherstia platform fabrication, its installation and the drilling program for 19 wells, provides further growth opportunities for Trinidad's gas business, thus adding value to the country's economy through increased government revenues and growth. The progressive policies of the government are bringing very real benefits to Trinidad, and Amoco wants to continue to play its full part in that success."

At present, ATOC produces about 50,000 barrels of oil per day. Amherstia, previously known as South SEG, will be ATOC's ninth oil and gas field development. It is located near the Immortelle field, about 30 miles southeast of Galeota Point, Trinidad. The proximity of the two fields means that potentially Immortelle oil could extend into Amherstia, further enhancing the value of the investment.

Amoco Trinidad is a wholly owned subsidiary of Amoco Corporation, a global producer of oil, natural gas, refined products and chemicals, with annual revenues of more than $36 billion. The company has been engaged in hydrocarbon exploration and production in Trinidad and Tobago since 1961.

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