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Drilling Production 2000 P12

  • 07/13/2000 -- Increased spending to benefit service companies
    The oil service industry�especially offshore drilling contractors�will benefit from sharply increased spending by major oil companies, starting almost immediately, financial analysts reported.
  • 07/11/2000 -- Finance/Companies news briefs, July 11
    Ocelot International � PanAfrican Energy � Morrison Knudsen � Raytheon Engineers & Constructors ... Southern Co. ... CanWest Gas Supply ... Precision Drilling ... Plains Energy Services
  • 07/11/2000 -- ANP sets parameters for Petrobras's mature fields auction
    Brazil's National Petroleum Agency (ANP) has set the bidding parameters for Petroleo Brasileiro SA's auction of 73 mature oil fields (OGJ Online, July 6, 2000). ANP will require bidders to have at least 1 million real in net shareholders' equity, said ANP Executive Director David Zylberstajn. They also must have net shareholders' equity equal to one third of the investment or 5 million real, whichever is less.
  • 07/11/2000 -- Escalating gasoline prices won't discourage summer driving
    Gasoline prices have not impacted driving behavior as much as expected, despite the controversy surrounding US gasoline prices and their anticipated impact on summer driving habits. In the first 5 months of 2000, US gasoline use remained steady vs. the same period last year, said NPD Group, Port Washington, NY, in a special analysis of its Motor Fuels Index released Monday. Furthermore, says NPD, gasoline demand is not likely to slow down during the peak driving months of June through August.
  • 07/10/2000 -- Alberta Energy starts construction on thermal recovery project
    Alberta Energy Co. Ltd. (AEC) has begun construction on a $230 million (Can.) heavy oil thermal recovery project in northeast Alberta. The Foster Creek project near the Primrose Air Weapons Range on the Alberta-Saskatchewan border will use steam injection to recover heavy crude. The target is production of 20,000 b/d by early 2002.
  • 07/10/2000 -- EIA revises gas, power demand upward
    Electricity demand increased 4% over 1999 levels during the first half of 2000, higher than previously forecast, the Energy Information Agency says in its July short-term energy outlook. Given the higher growth in GDP, the agency expects demand for natural gas to be about 4.3% instead of the previously forecast 3.4%.
  • 07/07/2000 -- Party leader asks India to retender neglected PSCs
    India's delay in awarding development licensed on discovered oil fields should end, say observers. India�s Samajwadi party leader Mulayam Singh Yadav says one consortium has delayed for 4 years the signing of the production-sharing contracts it was awarded, effectively blocking others from taking the contacts.
  • 07/07/2000 -- THE SAUDI PRODUCTION INCREASE: PART OF A TREND?
    Saudi Arabia's unilateral decision to increase production by 500,000 b/d usefully reminds everyone that Saudi decisions on oil production always reflect Saudi interests.
  • 07/07/2000 -- Saudis' surprising unilateral move: method to their 'madness?'
    The Saudis' unilateral threat to produce more--is there a method to their 'madness?'
  • 07/06/2000 -- Petrobras to sell 73 mature fields
    Petroleo Brasileiro SA announced that it will put up for sale 73 mature oil and gas fields divided into 11 groups of properties: two in Rio Grande do Norte state, one in Alagoas, one in Sergipe, five in Bahia, and two in Espirito Santo.
  • 07/05/2000 -- Precision Drilling conditionally resolves Pride dispute
    Precision Drilling Corp., Canada's biggest drilling contractor, has conditionally resolved a potential $500 million-plus legal dispute with Houston-based Pride International Inc. and expects to complete its acquisition of Plains Energy Services Ltd. by the end of this week, officials said Wednesday.
  • 07/05/2000 -- Ch�z: Venezuela will not increase oil production
    Labeling current world oil prices as 'fair' rather than high, Venezuelan President Hugo Ch�z said on Tuesday his country will not increase oil production beyond the level approved by the Organization of Petroleum Exporting Countries last month. Ch�z�s remarks came on the heels of reports that Saudi Arabia is ready to jack up its oil production by 500,000 b/d in an effort to lower oil prices to about $25/bbl.
  • 07/03/2000 -- Drilling/Production news briefs, July 3
    Australia to give a tax break to the North West Shelf project � Record wells planned in New Zealand � Shell awards subsea contract to Kvaerner � Forcenergy installs platform off Alaska
  • 07/03/2000 -- Report: Independents replaced 256% of production in 1999
    Independent oil and gas companies replaced a robust 256% of production in 1999�the highest reserve replacement figure recorded in the past 5 years�compared to 113% by major oil companies, says Salomon Smith Barney Inc. in a new report.
  • 07/03/2000 -- Key Energy Completes $100 Million Equity Offering
    New Jersey-based Key Energy Services Inc., the world's largest well service contractor, closed the $101.5 million sale of 11 million shares of its common stock, including an over-allotment of 1 million shares. That offering, managed by Lehman Brothers Holdings Inc. and Dain Rauscher Wessels Inc., was priced at $9.625/share.
  • 06/30/2000 -- Drilling/Production news briefs, June 30
    Global Offshore expands Equatorial Guinea gas-condensate field for CMS Oil & Gas; Meridian Resources places Louisiana oil and gas well on production.
  • 06/30/2000 -- West Epsilon rig to move to Fr�y field
    After 6 years of drilling in the Sleipner West natural gas field in the Norwegian North Sea, the Smedvig AS jack up West Epsilon will begin work in another Norwegian field, Fr�y, in the first half of 2001.
  • 06/30/2000 -- Market watch: June 30
    Oil futures prices surged Thursday on international markets as strong fundamentals of supply and demand prevailed.
  • 06/29/2000 -- SABIC starts up polyolefin expansions
    Saudi Arabian Basic Industries Corp. (SABIC) said Wednesday that test operations have begun at several of its polyolefin expansion projects. SABIC Managing Director and Deputy Chairman Mohammed al Madhi detailed the completed expansions, along with some that are nearly finished, to the Saudi Press Agency earlier this week.
  • 06/29/2000 -- Pride sues two drilling contractors as result of merger
    Houston-based Pride International Inc., a potential white knight sought by Canadian drilling contractor Plains Energy Services Ltd. as a counter to an unsolicited takeover by Precision Drilling Corp., has sued both companies for $500 million plus punitive damages after they decided to merge anyway.
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