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Kerr-McGee Unit to Develop Block Offshore Trinidad

Posted on: Monday, 11 July 2005, 21:00 CDT

Kerr-McGee Oil & Gas Corp. has been awarded block 3(b) in a proven geologic trend offshore Trinidad and Tobago.

This area offers high-impact exploration opportunities in a world- class petroleum system, said Dave Hager, Kerr-McGee senior vice president responsible for oil and gas exploration and production. Consistent with our strategy, we continue to enhance our prospect inventory in these high-potential basins around the world. Planning is under way for acquisition and evaluation of 3-D seismic of this area.

Kerr-McGee acquired a 75 percent interest and is the operator of the block, which encompasses nearly 160,000 acres in water depths ranging from 130 to 3,000 feet. Primera Block 3(b) Limited, a subsidiary of CL Financial Limited, holds the remaining 25 percent interest.

The six-year contract with the government of Trinidad and Tobago allows Kerr-McGee to conduct research and exploration, said Hager. Following evaluation of the seismic, we expect to drill at least two exploratory wells during the next four years.

Kerr-McGee holds interests in more than 56 million undeveloped acres. The Oklahoma City-based company's four core areas of operation include the United States onshore, Gulf of Mexico, the United Kingdom sector of the North Sea and the Bohai Bay area of China. Kerr-McGee also holds interests in acreage in Alaska, Angola, Bahamas, Benin, Brazil, Morocco and the South China Sea.

Kerr-McGee Oil & Gas Corp. is a wholly owned affiliate of Kerr- McGee Corp.

Source: Journal Record - Oklahoma City

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