RNS No 2611a
ATLANTIC RICHFIELD CO 
19th February 1998

 
PARTNERS SIGN PRODUCTION SHARING CONTRACT FOR OFFSHORE TRINIDAD EXPLORATION
 
Los Angeles, February 18 - A production sharing contract covering the deep
water Block 27 offshore Trinidad was signed in Port of Spain today by the
government of Trinidad and Tobago and a consortium of three companies headed
by project operator ARCO Trinidad Exploration and Production Company, a
subsidiary of Los Angeles-based ARCO (NYSE: ARC).
 
Other signers were Petrobras Trinidad Ltd., a subsidiary of Brazil's Petrobras
Internacional S.A., and Union Texas Trinidad Limited, a subsidiary of
Houston-based Union Texas Petroleum Holdings (NYSE: UTH). Representing the
government was Senator Finbar Gangar, Minister of Energy and Energy
Industries.
 
Block 27 was awarded to the three companies as part of Trinidad and Tobago's
Phase 3 Competitive Bidding Round, a bid round which received considerable
industry attention.
 
ARCO holds a 45 per cent working interest in the block, followed by Petrobas
with 40 per cent and Union Texas with 15 per cent.
 
The block is approximately 291,000 acres (1,180 sq. km) and is located about
75 miles (120 km) southeast of Trinidad where water depths range from 1,700 to
3,500 feet (520-1,000 meters).
 
Planning is underway to acquire advanced 3-D seismic later this year. Project
operator ARCO will drill at least two wells during the initial exploration
phase.
 
Keith Weiser, Vice President of ARCO's Latin America Region, said: "ARCO looks
forward to exploring this exciting area. We have a good block, a good
strategy, good technology and good partners. With the support of Minister
Gangar and the government of Trinidad, we are optimistic about our chances."
 
James D. Robertson, ARCO Vice President for International Exploration, said:
"ARCO is committing substantial resources to deep water exploration worldwide.
We have ongoing deep water programs in the Gulf of Mexico, United Kingdom,
Gabon, and the Philippines. Block 27 is an important addition to this
strategy."
 
Petrobras Internacional S.A-Braspetro was represented at the signing ceremony
by Jose Coutinho Barbosa, Executive Vice President. Union Texas Petroleum
Holdings was represented by Roger Pierce, Vice President of Exploration.
 
Contact: Albert Greenstein, ARCO Media Relations, tel US 001-213-486-3384 Web
site: http://www.arco.com
 
END
 


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