Texaco Wins Four Licenses In the North Sea

Texaco announced that it has been awarded four offshore licences, three as an operator, in the United Kingdom's 19th Round licence awards. The Company won licences for seven blocks amounting to 340.6 square miles. Texaco's partners in the four UK offshore licenses are Conoco, EDC (Europe) Ltd., Intrepid Energy, DONG, OMV and Amerada Hess. Drilling is expected to begin in the summer of 2002 in the Atlantic Margin.

Texaco will not be an operator of Blocks 204/9 and 204/10. It will own 32.5 percent of that block with DONG to hold 20 percent, OMV 15 percent and Amerada Hess, which is the operator, 32.5 percent.

Texaco will operate Block 204/17 and hold 60 percent while Conoco has 20 percent and EDC (Europe) Ltd owns 20 percent.

Texaco will own 100 percent of Blocks 213/26 and 213/27. It will hold 90 percent of Blocks 213/5 and 214/1 while the other 10 percent is to be held by Intrepid Energy North Sea.

The 19th Round offered companies their first chance to license acreage adjacent to the new Faroes-UK international boundary, outboard of the producing Foinaven and Schiehallion fields.