Source Pravda.Ru

Red Halk Development Approved By Kerr-McGee Directors

Kerr-McGee Corp. announced that its Board of Directors has approved the development of the Red Hawk area in the deepwater Gulf of Mexico, in Garden Banks block 877. The Red Hawk natural gas field, with estimated proven reserves of more than 250 billion cubic feet of gas, will be developed using a new state-of-the-art mini-floating production facility. Located in more than 5,300 feet of water, Red Hawk will be Kerr-McGee's deepest development to date.

"Kerr-McGee is once again at the forefront of the industry in deploying the latest technology for deepwater developments," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "Use of a mini-floater reduces the threshold reserve size for a stand-alone economic development in the deep waters. This innovation opens up an extensive area for deepwater exploration and future development, enabling Kerr-McGee to capitalize on our extensive inventory of deepwater prospects."

The company is in the final stages of selecting the development solution for the Red Hawk facility, which is being designed to process 120 million cubic feet of gas per day. Facility construction is slated to begin in October with development drilling expected to begin in early 2003. First production at Red Hawk is anticipated in the second quarter of 2004.

Kerr-McGee Corp., operates Red Hawk, with 50% interest, and Ocean Energy, Inc. holds the remaining 50% interest.

The Red Hawk development, located 100 miles from the company's Gunnison development and 150 miles from the Nansen and Boomvang developments, will serve as yet another processing hub for the deepwater gulf. Kerr-McGee and Ocean hold interests in 27 other blocks in the Red Hawk area which offer additional satellite exploratory opportunities.

"The Red Hawk development is consistent with our strategy of developing core areas in high-potential trends," said Kenneth Crouch, senior vice president. "Red Hawk, like Nansen, Boomvang and Gunnison, will be a host structure to cost effectively develop nearby satellite fields. This new hub will also provide the opportunity for third-party business."

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&to=http://www.kerr-mcgee.com/' target=_blank>Kerr-McGee Corp

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