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NEW YORK, Jul 19, 2005 (BUSINESS WIRE) -- Amerada Hess Corporation (NYSE: AHC), announced that an agreement has been signed for the sale of gas from the Phu Horm Field, located onshore in Northeast Thailand. Amerada Hess is the operator and currently holds a 35% interest in the Phu Horm concessions with partners APICO (35%), PTT (20%) and ExxonMobil (10%).
The Gas Sales Agreement (GSA) provides for the supply of in excess of 500 billion cubic feet of natural gas from the Phu Horm Field over a 15 year period. The gas will be purchased by PTT Public Company Limited and delivered to the gas-fired power station at Nam Phong. First gas is expected to be delivered before the end of 2006 at an initial rate of approximately 80 million cubic feet per day (gross), increasing gradually to an expected rate of in excess of 100 mmcf/d.
Commenting on the signing, Malcolm Maclean, Vice President, said "We are pleased to have signed this agreement which paves the way for the development of Phu Horm, our first operated development in Thailand. Amerada Hess is steadily building a significant position in the Southeast Asia gas market and this development will be an important addition to our portfolio."
About Amerada Hess Corporation
Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
SOURCE: Amerada Hess Corporation
Amerada Hess Corporation Jay R. Wilson, 212-536-8940