Unocal Corporation today said that an exploration well on the Arthit project in the Gulf of Thailand has discovered natural gas and condensate. Unocal Thailand, Ltd., holds a minimum 16-percent working interest in the prospect. The company has estimated the gross unrisked resource potential of the Arthit project at 3 to 6 trillion cubic feet of gas. Six additional exploration wells are planned for block 15A and 16A, which will be completed by mid-2000. Unocal is one of the world's largest independent oil and gas exploration and production companies, with resource development, power plant and pipeline projects in Asia, the U.S. Gulf of Mexico region and Latin America.
Natural gas is used mainly to produce electricity in Thailand.
The gas produced by Unocal Thailand and its co-venturers provides electricity to one of three homes and buildings in the Kingdom. It is also used in the transportation sector, as petrochemical feedstock, and as an industrial fuel. Actual results could differ materially as a result of factors discussed in Unocal's 1998 Form 10-K report filed with the U.S. Securities and Exchange Commission.