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The Magnus field was proving more prolific than expected, the company said. Some 350 million barrels had already been added to the original reserves of450 million. BP estimated it could add a further 100 million barrels from additional drilling and satellite developments over the next few years and keep plateau production of 143,000 a day well into 1996. Reporting to analysts on progress in the new and emerging areas, the company said: • In the Caspian, BP and its Western Consortium partners have reached agreement, subject to ap- proval by the Azerbaijani Parlia- ment, on terms for developing fields ilong the Apsheron trend, offshore Baku. The fields contain at least ;hree billion barrels of oil and BP lolds a 17 percent stake. Invest- nent will be phased, with first pro- luction possible by mid-1997. • In Colombia, Cusiana reserves lave been confirmed at 1.5 billion >arrels of oil. Appraisal to date has istablished 500 million barrels in he Cupiagua field and further drill- ng is underway to confirm the full sxtent of reserves. First phase de- velopment of Cusiana will raise out- )ut to 90,000 barrels a day by end- ear and 185,000 barrels a day by he end of 1995. Initial agreement las been reached with partners on he second stage of development to ncrease production of oil and gas Lquids from both fields in the course f 1997 to 500,000 barrels a day by 998. This would entail a new lipeline to the Covenas terminal, or which engineering is already /ell advanced. The total cost of ihases one and two, including pipe- ine construction, is estimated at round $6 billion, of which BP's hare would be around $1 billion. IP is actively investigating how to est bring its Volcanera gas to mar- et and estimates that gross pro- uction from the field, including as for reinjection into the Cusiana eservoir, could reach 800 million u.-ft. a day by 2005. The company aid it planned to drill one to two 'ells a year on its Piedmonte acre- ge and would shortly begin seis- lic work on new acreage it had scently acquired immediately to le west of Piedmonte. • In the Gulf of Mexico, where it as interests in 323 mainly eepwater blocks, BP plans four ells this year and expects to main- lin the same pace of exploration ir the foreseeable future. Reserves ) far booked from the area total 30 million barrels of oil and gas piivalent. A further 250 million irrels, already identified, remain i be booked. First oil from the tars field is scheduled for the end ' 1996, with phase one production sing to 100,000 barrels a day and 10 million cu.-ft. of gas, at a devel- >ment cost well under $3 a barrel. is hoped to proceed to a second lase which could extend plateau "oduction through the first de- ide of the next century. • West of Shetland, the company planning five development wells ctober, 1994 on the Foinaven field, prior to first oil at a rate of 75,000 barrels a day in late 1995 or early 1996. It is also preparing an active appraisal and exploration program for the Schiehallion field, the Northern Foinaven area and adjacent blocks. Finding and development costs for Foinaven will be $4 to $5 a barrel and may reduce for the second phase. • In Venezuela, BP's net share of production from the two field reacti- vation projects at Pedernales and Quiriquire is expected to rise to some 20,000 barrels a day by 1997. In the U.K., BP expected to take a 20 percent stake in the Interconnector pipeline to Zeebrugge, due for commissioning by 1998 with a capacity of 1 to 1.5 billion cu.-ft. a day. Mr. Browne said the company was currently negotiating with Sonatrach to appraise and develop gas in District 3, in southwestern Algeria and to pipe the gas into the growing markets of Southern Eu- rope. He also disclosed that BP had significant undeveloped gas reserves in Papua New Guinea which offered the potential for a new LNG project "if we can get the costs right." It goes topside to protect down below. Munters Marine Salt Spray Eliminator. Precision Navigation Megapulse * Accufix 500N + # S2 2H 2 3.3 ; • "s s 3 a o q 61 a be a • o a • a D I D B a a a a • » 9- * F»CTK>« Below deck corrosion is the worst enemy of performance, mainte- nance and resale value. Munters Marine Salt Spray Eliminator stops the harmful effects of salt spray while preserving power, fuel economy and your warranty. 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