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EOG CEO: No drilling in 2009, hinges on stronger prices

Bnamericas Published: Monday, February 09, 2009
US oil and gas company EOG Resources (NYSE: EOG) does not plan to drill wells in Trinidad & Tobago this year, company CEO Mark Papa announced. "Although we have several TCFs of prospects on our existing acreage, we don't intend to drill any wells in Trinidad during 2009 and we'll re-evaluate our exploration activity when prices are stronger," Papa said in a webcast. The average price for Trinidad gas in 4Q08 was US$2.53/1,000f3 compared to US$3.84/1,000f3 in the year-ago quarter. The average price for Trinidad crude oil and condensate was US$47.67/b versus US$78.37/b. EOG natural gas production from the Caribbean country was 184Mf3/d (5.21Mm3/d), 24% less than in 4Q07. The executive said EOG produced less gas last quarter due to downtime at Methanol Holdings' (Trinidad) M5000 plant. The plant is back online and gas production in Trinidad this year will increase from 2008, Papa added. Quarterly EOG output of crude oil and condensates from the island nation slid 34% year over year to 2,500b/d.

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