Unocal adds GOM leases in OCS sale
Sugar Land, Texas, Aug. 22, 2001 -- Unocal Corporation (NYSE: UCL) today said its Deepwater USA and Gulf Region USA business units are the apparent high bidders for interests in 12 deepwater blocks and 5 shelf blocks in the Western Gulf of Mexico OCS Lease Sale No. 180 conducted today by the U.S. Minerals Management Service (MMS).
The company exposed a total of $4.4 million, with apparent high bids amounting to approximately $4 million (See table for detailed bid information).
Mike Bell, vice president for Unocal Deepwater USA, said that the company is pleased with its success in acquiring more acreage in Alaminos Canyon on trend with its recent Trident discovery in the Perdido Foldbelt.
Ken Butler, vice president for Unocal Gulf Region USA, said that this lease sale gave the company an opportunity to acquire leases on the GOM shelf that could take advantage of the company's extensive infrastructure.
About Unocal Corporation
Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company's principal operations are located in North America (Gulf of Mexico region, Alaska and Canada) and in Asia (Thailand, Myanmar, Indonesia, and Bangladesh). The company is also pursuing exploration programs in West Africa and Brazil.
Prior to the sale, Unocal, through its Deepwater USA and Gulf Region USA units, held an interest in 480 Gulf of Mexico leases. Of that total, 237 exploratory leases are located in deep water, while another 113 exploratory leases are on the shelf. Unocal Gulf Region USA also has 130 development leases on the GOM shelf.
The results of Sale 180 will bring the Unocal business units' combined portfolio to 497 OCS leases in the Gulf of Mexico, if all bids are approved by the MMS.
Western Gulf of Mexico Lease Sale No. 180 - August 22, 2001 Apparent High Bids by Unocal (100% W.I.)
|Area/Block||Bid Amount ($)|
|Alaminos Canyon 341||255,676|
|Alaminos Canyon 384||254,876|
|Alaminos Canyon 385||255,676|
|Alaminos Canyon 428||255,576|
|Alaminos Canyon 429||255,776|
|Alaminos Canyon 472||255,676|
|Alaminos Canyon 518||236,676|
|Alaminos Canyon 519||236,676|
|Alaminos Canyon 430||227,776|
|Alaminos Canyon 562||227,776|
|Alaminos Canyon 473||221,876|
|Alaminos Canyon 516||221,876|
|High Island A-8||428,925|
|High Island A-444||168,070|
|East Breaks 294||227,888|
|High Island 35||160,898|
|Matagorda Island 711||151,578|
Updated: August 2001