Unocal Strikes Gas in Gulf of Thailand

Unocal Corp. has made new gas discoveries in the Gulf of Thailand, significantly boosting its recoverable natural gas reserves in the area. Unocal said several wells encountered natural gas in one new field and extensions to several existing fields. The El Segundo-based energy concern said the 11 wells are expected to produce about 300 million cubic feet of gas a day. Unocal already has extensive operations in the area and expects gross production from nine fields in the Gulf of Thailand to average 990 million cubic feet a day in the fourth quarter, up 35% from the average daily production rate in the first nine months of the year. Unocal owns 65% of the Thai gas fields, which are of increasing importance since the firm shifted its focus toward Southeast Asia.