Unocal finds oil, gas

Unocal finds oil, gas

SINGAPORE (AFP): Unocal Corp. here said yesterday its Indonesian subsidiary had discovered a potentially large new offshore oil and gas field.

The Seguni-1 exploration well in the Mahakam Delta area was drilled to a depth of 12,778 feet (93,872 metres) when it encountered the hydrocarbon deposits, the U.S. oil and gas exploration company said in a statement issued by its regional headquarters here.

"We are very encouraged by the results of this exploration well," said Unocal chairman and chief executive Roger Beach in the statement.

"We plan to proceed with a development program that could allow us to begin oil production in early 1996," he said.

It is the fifth successful discovery well drilled in the last six months by Unocal in the Mahakam Delta area offshore East Kalimantan.

Unocal Indonesia Co., under a production-sharing contract with Pertamina, the Indonesian national oil company, operates six fields in the region.