Harken's 85%-owned subsidiary, Global Energy Development PLC ("Global"), which operates in Colombia with additional agreements in Peru and Panama, has budgeted approximately $18 million of capital expenditures in 2005 to continue to develop its crude oil assets in Middle America.
The majority of Global's 2005 capital expenditure plans are targeted for Global's operations in its Palo Blanco Field, Bolivar Field and Rio Verde Field in its existing Association and Exploration and Production Contracts in Colombia. Global's capital expenditure budget also includes costs for other seismic and exploration activities in Peru, Panama and Colombia.
Harken's principal domestic subsidiary, Gulf Energy Management Company ("GEM"), whose primary operations are along the Gulf Coast of Texas and Louisiana, has budgeted approximately $16 million for its field development activities in 2005. GEM's projected 2005 capital budget targets exploration and development drilling in the Lapeyrouse Field, Lake Raccourci Field, Main Pass Field and other fields along the Texas and Louisiana Gulf Coast.
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