EOG Expects to Finalize Block 4(a) Contract in Q3
US oil and gas company EOG Resources (NYSE: EOG) expects to finalize its block 4(a) gas contract with Trinidad & Tobago's government in the third quarter this year, company chairman and CEO Mark Papa said in a webcast.
"We have commenced platform design for this project," said Papa.
Sales under the project would boost the company's overall Trinidad production in late 2009 or early 2010 roughly 60Mf3/d (1.7Mm/d) net, he said.
The Caribbean country's National Gas Company (NGC) will use the gas to meet supply requirements for petrochemicals, metals and other industrial plants scheduled to come online in 2009-10, BNamericas reported previously.
NGC's largest customer segment is petrochemicals, which accounts for 70.9% of gas sales, while power generation represents 16.9%.
EOG's 1Q07 natural gas output from its Trinidad operations fell 10.6% to 253Mf3/d compared to the year-ago period. Crude oil and condensate production dropped 20.4% to 4.3Mb/d.
Company-wide, natural gas output increased 8.9% to 1.42Bf3/d and crude oil and condensate production dipped 1.37% to 28.8Mb/d.
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