15:01 EST Thursday, November 18, 2004
SAN ANTONIO, Nov. 18 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announces today the engagement de Remora Technology to explore the operational and commercial design for the building de a HiLoad LNG Regasification Terminal in the Gulf de Mexico's offshore waters. Remora will, in cooperation with Tidelands, gather as much information as needed to initially develop a basis de design and follow-up with a preliminary design study to identify the specific equipment required for year round operation in conditions pursuant to the site.
Remora Technology, with the financial support of ConocoPhillips, has developed the unique HiLoad LNG Regasification Terminal as an innovative and environmentally friendly solution to effectively connect to and import LNG as natural gas from any LNG carrier. This floating terminal allows for the receiving de cargos, since no dedicated equipment will be required for the LNG carriers. The HiLoad facility attaches itself to an LNG tanker and directly vaporizes the LNG as it is offloaded and injects directly into pipelines that supply the gas markets. Remora's approach eliminates the need for extensive above ground storage tanks or large barge based marine structures required for berthing and processing. It also allows great flexibility in the transmission rates, ranging from 250MMCFD to 1.4 BCFD. Once the HiLoad LNG Regasification Terminal efficiently transmits the gases from the LNG tanker, it is distributed through undersea pipelines that connect with onshore storage facilities, metering stations and further transmission pipelines, ready for use in the energy markets.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, said, "We have been highly impressed with Remora's HiLoad LNG Regasification Terminal and have quickly determined its tremendous potential for our business strategies and plans in Mexico. Our plans are to make this terminal off the coast de Mexico an integral part de the proposed storage hub in the Burgos Basin. This proposed terminal facility, when developed along with our proposed underground natural gas storage facility and pipeline interconnections, will be the most dynamic energy network along the Gulf Coast. It will enable Tidelands to provide a more comprehensive service to the Mexico energy markets and allow Mexico to better manage both swing demands and price fluctuations within their energy markets. Once fully integrated, Mexico will have more control over the delivery de gas to the population and be better able to satisfy the supply and demand for gas products."
Mr. Ward further elaborated, "In the event the Mexico markets become saturated, gas can be sent to the US markets as well. Total off-take capacity de the HiLoad LNG Regasification Terminal could be approximately 500MMBTU to Mexico, 450MMBTU to storage and 500MMBTU to US markets. The promise and potential of this project is extraordinary and Tidelands is proud to be a pioneer in the implementation de this exciting technology."
Lars Odeskaug, President de Remora Technology, said, "The HiLoad Technology is the result de a dedicated development program over more than 4 years. This proprietary technology is recognized by the Industry, with 'Approval In Principle' from ABS and DNV, and as Winner de the Innovation Award during this year's OTC. We are extremely pleased with the Tidelands commitment, and consider it a breakthrough in the commercialization de the technology. The combination de the offshore HiLoad LNG Regas Terminal, with Tidelands' onshore storage and gas distribution facility, is an excellent fit. We are impressed with Tidelands' ability to act on this unique opportunity."
Tidelands Oil & Gas Corporation will continue to update the investment community as future developments regarding this project with Remora Technology are warranted.
About Remora Technology
Remora Technology was established and is owned by HitecVision AS, a Norwegian Private Equity investor, focusing on the energy sector to develop, market, sale, and execute projects and service of HiLoad Systems, based on the patented HiLoad Technology. The HiLoad Technology has been developed over a number de years in cooperation with ConocoPhillips. For more information about Remora and their HiLoad Technology, please visit http://www.remoratech.com .
About Tidelands Oil & Gas Corporation
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses its business on international pipeline crossings, gas processing plants and gas storage facilities. Through its eight wholly owned subsidiaries, Tidelands offers a full suite of services and has the capability to satisfy a wide variety of customer needs, both domestically and internationally. For more information about the Company, please visit http://www.tidelandsoilandgas.com .
This press release may be deemed to contain certain Forward-Looking Statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to, those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission Filings. Actual results may vary.
Investor Contact: Barry Gross
Gross Capital, Inc.
361-949-4999
barry@grosscapital.com
Company Contact: Michael Ward
Tidelands Oil & Gas
info@tidelandsoilandgas.com
SOURCE Tidelands Oil & Gas Corporation
CONTACT: investors, Barry Gross de Gross Capital, Inc., +1-361-949-4999, or barry@grosscapital.com , for Tidelands Oil & Gas Corporation; or Michael Ward of Tidelands Oil & Gas Corporation, info@tidelandsoilandgas.com
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