OCR Text |
Show Synfuels . Basin projects The L'.S. Synthetic Fuels Corporation advanced two I'intah County oil shale projects to Phase II negotiations and advanced ad-vanced two other projects in maturity rating in Phase I. Thursday. During Phase II. the White River Shale Project and the Seep Ridge Project w ill undergo more intensive evaluation of their projects, have certain project conditions con-ditions imposed and negotiate on the amounts and terms of financial assistance. The CSF is setting on about S15 billion which can be used for price or loan guarantees to stimulate synthetic fuel production. Here are 37 "set" projects being reviewed by SFC and six for competitive bidding, but of the six. three have requested re-quested funds in the general solicitation. White River Corporation has filed under both the competitive solicitation and the general solicitation. Only one project will receive financial benefits in the competitive solicitation, but the assurance of loan and price guarantee is more certain in this solicitation. Should the White River Porject be selected for the competitive solicitation, they will have to forego financial assistance in the other solicitation. The White River Project is proposed by Phillips Petroleum Co., Sunoco Energy Development Corp and Sohio. They are proposing a project to produce 14.000 barrels bar-rels per day of shale oil utilizing the Union B retort by 1989. Ultimate production produc-tion envisioned is 100.000 barrels per day shortly after the year 2000. Location of the project is south of Bonanza. The Seep Ridge Project, also advanced to Phase II, is proposed by Geokinetics. Inc. It will produce 1.000 barrels per day of shale oil. Construction is scheduled to begin in 1983 utilizing Geokinetics' "LOFRECO" in situ extraction techni- ' que. The crude shale oil w ill be upgraded upgrad-ed to diesel fuel and other refinery products. pro-ducts. Both a loan guarantee and price guarantee have been requested. Moving up in strength in Phase I of the third solication are the Paraho-Ute Project Pro-ject and Cottonwood Wash Project in Uintah County. Paraho Development Corporation is proposing a project which will use the proprietary technology of Paraho for a surface retort system to ultimately produce 39.500 barrels per operating day of hydrotreated shale oil. The company has secured addition sponsors spon-sors to finance project. Oil production w ould begin the fourth quarter of 1985 on a reduced scale. Magic Circle Energy Corporation is proposing a project to produce 33.000 barrels bar-rels per day of shale oil in the Cottonwood Wash Project. Commercial production is scheduled to beg in in October 1986 and reach full-scale by February 1988. The sponsor is requesting a loan guarantee and a limited purchase agreement. The Sunnyside Tar Sand Project proposed pro-posed by Standard in strength in Phase I. The project is in Carbon County. Dropped from further review in the third solicitation w ere the Wolf Den Project Pro-ject sponsored by Geokinetics and Big Horn Project sponsored by Big Horn Oil. both in Uintah County. The two projects were droppebecause they didn't meet the criteria set by SFC. |