FUGA ISLAND HOLDINGS INC

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                    [ArticleID] => 98958
                    [Title] => Spex takes over Fuga project
                    [Summary] => 

Shell Philippines Exploration BV (Spex) and the Philippine National Oil Corp.
(PNOC) have entered into a farm-in agreement that will allow the former to
assume operatorship of the Fuga Island exploration project.

The Fuga Island project has an estimated five trillion cubic feet (TCF) of
natural gas, which could provide power for a 5,000-megawatt (MW) combined cycle
turbine power plant.

Under the agreement, Spex has the option to assume the operatorship as well as
acquire up to 50 percent of the PNOC interest for the possible joint
development of the natural gas project.


                    [DatePublished] => 2000-05-09 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

        )

)

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Spex takes over Fuga project

By Ted P. Torres | May 9, 2000 - 12:00am

Shell Philippines Exploration BV (Spex) and the Philippine National Oil Corp. (PNOC) have entered into a farm-in agreement that will allow the former to assume operatorship of the Fuga Island exploration project. The...

Business