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Petroleum

Occidental Petroleum and Triton Energy Plan to Boost International Exploration and Production Activities

Strategic Insights

— 2 min read

Occidental Petroleum Corp. and Triton Energy Corp. are set to increase their international exploration and production activities in 1994, with the aim of reducing debt and increasing production. Occidental plans to drill 39 wells in 12 foreign countries, with a guaranteed net drilling potential of 1.6 billion barrels of oil equivalent. Triton, on the other hand, is expanding its operations in Colombia and Asia, and is investigating new areas in Guatemala and Argentina.

Key Takeaways:

  • Occidental Petroleum Corp. plans to drill 39 wells in 12 foreign countries in 1994, with a guaranteed net drilling potential of 1.6 billion barrels of oil equivalent.
  • Triton Energy Corp. is expanding its operations in Colombia and Asia, and is investigating new areas in Guatemala and Argentina.
  • Occidental's international production is expected to increase by 20% in 1994, from 160,000 barrels of oil equivalent in 1993 to 190,000 barrels of oil equivalent in 1994.
  • Triton Energy Corp. plans to invest $5 billion in the Cusiana field in Colombia over the next five years.
  • Triton's production sharing contract in the Joint Development Area administered by Thailand and Malaysia has favorable terms, with a net revenue interest of 34% before payout and 24% after payout.
  • Preliminary estimates of natural gas reserves in the Joint Development Area are in the 1 Tcf to 5 Tcf range.
  • Occidental is focusing on natural gas production in the United States, with gas making up about 65% of its domestic production.

Statistics:

  • Occidental plans to drill 39 wells in 12 foreign countries in 1994, with a guaranteed net drilling potential of 1.6 billion barrels of oil equivalent.
  • International production is expected to increase by 20% in 1994, from 160,000 barrels of oil equivalent in 1993 to 190,000 barrels of oil equivalent in 1994.
  • Triton plans to invest $5 billion in the Cusiana field in Colombia over the next five years.
  • Preliminary estimates of natural gas reserves in the Joint Development Area are in the 1 Tcf to 5 Tcf range.

Sources:

  • [1] NEW YORK -- Occidental Petroleum Corp. (Oxy) plans to drill 39 wells in 1994 as part of an increased emphasis on international exploration and production to help reduce its debt, company officials say. (Source: Bear Stearns Energy Conference, 1994)
  • [2] Occidental Petroleum Corp. Executive Vice President Dale R. Laurance told a Bear Stearns Energy Conference that the wells are in 12 foreign countries, including Algeria, Peru, Russia, and Vietnam. (Source: Bear Stearns Energy Conference, 1994)
  • [3] Triton Energy Corp. President and Chief Executive Thomas G. Finck said that drilling is ongoing at four development wells in the Cusiana field. (Source: Bear Stearns Energy Conference, 1994)
  • [4] The Cusiana field in Colombia has a 12% share, and production is expected to start in December at a rate of about 100,000 barrels of oil per day. (Source: Bear Stearns Energy Conference, 1994)
  • [5] Preliminary estimates of natural gas reserves in the Joint Development Area are in the 1 Tcf to 5 Tcf range. (Source: Bear Stearns Energy Conference, 1994)

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