ARCO, State of Qatar Reach Agreement on Al Rayyan Oilfield Development

abarrelfullabarrelfull wrote on 06 Aug 2012 12:40

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24 June 1996

ARCO (NYSE: ARC) announced today that it has reached agreement with the government of the State of Qatar for development of the Al Rayyan Field in Qatar, offshore the Arabian Gulf. The field is expected to start crude oil production around 1 September 1996 with an output of approximately 35,000 barrels per day.

The agreement, in the form of two Management Committee Resolutions, was signed in Doha by Qatari Minister of Energy and Industry HE Abdullah Bin Hamad Al-Attiyah. ARCO also received approval for a delineation well in a possible southern extension of the Al Rayyan Field.

ARCO, operator of the Al Rayyan Field, has a 27.5% stake in a consortium with Gulfstream Resources Canada Ltd. (27.5%), British Gas, p.l.c. (25%), and the German firms Wintershall (15%) and Preussag Energie (5%).

ARCO drilled a well in the field in September 1995 which tested around 10,000 barrels per day. ARCO's program calls for drilling four more wells before production begins. After approximately nine months of production using temporary facilities, a determination will be made whether additional development is warranted.

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