Davis Oil Venture Reports Natural Gas Find
A joint venture involving Beverly Hills billionaire Marvin Davis’ oil company and TransTexas Gas Corp. of Houston announced the discovery of a major natural gas field in Galveston Bay near Houston. Gas reserves at the Eagle Point field, about one mile offshore in shallow waters, were estimated by the companies at more than 1 trillion cubic feet of natural gas equivalents, making it one of the largest finds in recent years. Production at two wells will start in March and daily output should exceed 100 million cubic feet of gas and 15,000 barrels of condensate, a cleaner form of crude oil, TransTexas said. The value of the field was estimated at $750 million by Fahnestock & Co. energy analyst Fadel Gheit. TransTexas Gas said the discovery could yield $2 billion in revenue over the next five to eight years. Davis, 71, is one of the nation’s wealthiest men, with interests in real estate, energy and entertainment.
