The largest part of TotalFinaElf's current production in this area comes from onshore licenses in the United States, mainly in Texas. With the production start-up of Virgo and the delineation of several discoveries in US waters, this situation can now be expected to change. TotalFinaElf's future production in North America will be focused essentially offshore, in the Gulf of Mexico, in water depths of 200 to 3,000 meters.
In the United States, in the Gulf of Mexico, TotalFinaElf strengthened its position in high-quality deep offshore acreage by acquiring stakes in the Walker Ridge area as well as the Alaminos Canyon and Keathley Canyon, in water depths exceeding 2,000 meters. A major exploration program initiated at the end of 2000 will provide its first results in 2001. In early 2000, two deepwater discoveries were confirmed in the Mississippi Canyon Corridor: Aconcagua (TotalFinaElf operator with 50%), and Camden-Hills (TotalFinaElf 16.7%). Both these gas fields, which lie at a water depth of more than 2,100 meters and are associated with the King's Peak gas field operated by BP, will be developed. TotalFinaElf is operator of the Canyon Express gas gathering system that will tie these fields into Canyon Station.
Development continued on the Virgo field (TotalFinaElf operator with 64%), which has been producing since the end of 1999.
Onshore, in Louisiana, Texas and Mississippi, TotalFinaElf's gas fields underwent further development, enabling the Group to benefit from favorable price conditions. At the same time, a major rationalization program was continued for properties in southern Louisiana, both onshore and offshore.
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