Word: conoco
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European companies have been more aggressive in pursuing the contracts than U.S. firms, he said, although Texaco and Conoco have both expressed interest...
...Following the lead of H.J. Heinz's StarKist Seafood Co., major American tuna canners voluntarily decided to stop buying fish from fleets that carelessly kill dolphins and other marine mammals. McDonald's addressed a major solid-waste problem by switching from polystyrene to paper wrappings for its fast foods. Conoco decided to use double-hulled tankers in an effort to reduce the risk of oil spills, and it has made a commitment to lessen the impact of its exploration operations on rain forests and other sensitive ecosystems. The Houston-based oil company made the happy discovery in Gabon that shrinking...
...Conoco, Occidental, Texaco and Shell, every major international oil company has joined the hunt, which has turned the blue-green waters off the coast of Louisiana and Texas into one of the busiest exploration areas in North America. Even Petrobras, the national oil company of Brazil and a deep- drilling pioneer, has established a Houston-based subsidiary to get in on the action. The lure of the Gulf is irresistible: estimated oil reserves of up to 36 billion bbl., nearly four times as much as in Alaska's Prudhoe Bay. Companies have snapped up nearly 1,700 federal drilling leases...
...deepwater quest began in 1984, when the Hunt brothers pioneered some of the new production techniques in a subterranean formation known as Green Canyon, some 240 km (150 miles) southwest of New Orleans. But they failed to make the big strike they needed to salvage their collapsing financial empire. Conoco followed the Hunts and had more luck, finding sizable deposits at the * 535-m (1,760-ft.) level. The company, with Occidental and Texaco, spent $400 million to build the world's deepest production platform, and has been producing from 20 wells for about a year...
...current projects are only the beginning. "The real potential lies farther and deeper offshore," says Roger Abel, Conoco's general manager for production engineering. "The big easies have all been found." Shell is investing $1.3 billion to build and install a tension-leg platform some 411 km (255 miles) southeast of Houston that will retrieve oil from a world-record depth of 872 m (2,860 ft.). Called Auger, the giant is scheduled to begin producing from 32 wells in 1993. Shell has also drilled an exploratory well at a 2,300-m (7,500-ft.) depth, and Mobil...