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PETROLEUM
COMPANY
(website:
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ATI Petroleum Inc. (ATIP), an affiliate company
toAmerican Technologies Inc. (ATI), is an exploration Management
and Operations Company engaged in negotiating and managing
Production Sharing Contracts (PSCs) for petroleum and other
natural resources. ATIP is a fast growing company with a
reputation for excellence in the U.S. energy and engineering
services industry. |
ATIP specializes in the management of large projects
and has successfully managed turnkey projects for the U.S. government
and international Fortune 50 companies such as: NASA, U.S. Department of
Energy, Lockheed Martin, Bechtel, Westinghouse, Mobil Oil, Halliburton,
SAIC, Brown & Root, and McDermott/BWXT...
The Company's initial exploration project entails the
Production Sharing Contract (PSC) between the company and Petro Vietnam
(PV), the
Vietnam Government's
Petroleum Exploration
and Development Corporation, for the exploration of oil & gas
in Blocks 102 and 106 in the Gulf of Tonkin. The company signed this PSC
on January 28,2000.
The contracted area includes over 14,000 km2 of
shallow (less than 30 meters deep) offshore territory, 70 miles
southeast of Hai Phong Harbor. The Blocks overlie the prospective Song
Hong Basin. This location is estimated to have potential resource for
oil and gas. Specialists estimate there are over 730 million barrels of
recoverable oil and over 2 trillion cubic feet of recoverable natural
gas lying in Blocks 102 and 106.
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Phase 1 of the PSC expires on February 24, 2003.
By then, the Company is committed to drill at least two
exploration wells as required in the contract with Vietnamese
government. The cost for each well can reach ten of million US
dollar.
After exploration drilling, ATI will drill
official wells in Blocks 102 and 106 |
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If success ATI's Petroleum Exploration in the Gulf of
Tonkin definitely helps to solve the energy shortage in the North of
Vietnam, contributing to increase the export turnover and the whole
society's revenue.
At the moment, ATI has co-operated with many partners,
for example, Nissho lwai, Samedan, Amerada Hess, Singapore Petroleum, in
shortening the collection and analysis process of seismic data for the
collection and analysis process of seismic data for the first
exploration wells. ATIP is welcoming any partner to join force in
meeting all challenges in this risky but hopefully very lucrative
project.
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