Drilling Production 2000 P

07/18/2000 -- Enterprise buys R&B Falcon's Gulf of Mexico E&P properties
Enterprise Oil PLC, London, has completed the acquisition of the Gulf of Mexico E&P properties of R&B Falcon Corp. units Reading & Bates Development Co. and R&B Falcon Subsea Development Inc. for $127.3 million in cash. Enterprise gains a 50% working interest in the Boomvang field development; a 100% working interest in Gyrfalcon field; and, subject to final closing, interests in 19 other Gulf of Mexico deepwater exploration blocks.
07/18/2000 -- BHP's Atlantis appraisal yields 300-ft pay zone
BHP Petroleum Pty. Ltd. has drilled a successful appraisal of its 1998 Atlantis oil discovery in the Atwater Foldbelt region of the ultradeepwater US Gulf of Mexico. The company announced this week that the well, Atlantis-2, had found a significant oil zone in Miocene sands with net pay some 300 ft thick.
07/17/2000 -- US senators compromise on conservation funding bill
US Sens. Frank Murkowski (R-Alas.) and Jeff Bingaman (D-NM) said Friday they have agreed on a Conservation and Reinvestment Act (CARA), ensuring the Senate energy committee will approve the bill at a markup July 18-19. The bill would earmark $3 billion/year of federal offshore oil revenues, which now go into the general fund, to finance various government conservation programs.
07/17/2000 -- Huldra platform jacket to be installed this week
The jacket for Norwegian firm Statoil AS's Huldra platform in the Norwegian North Sea is scheduled for installation this week following completion of its construction at the Aker Verdal fabrication yard north of Trondheim, Norway. First condensate deliveries are slated for summer 2001.
07/17/2000 -- AGA warns winter gas prices will jump
The American Gas Association warns that US consumers could face significantly higher natural gas prices this winter. The price of natural gas in the US spot and futures markets has increased significantly, and because some supplies are being stored for winter use, prices will be higher, says AGA. It noted several factors behind the higher prices, including low wellhead prices in 1998 and into 1999 and a rig count that has only recently rebounded.
07/14/2000 -- EXECUTIVE Q&A: Outlook for independents
OGJ Energy Policies Editor Patrick Crow interviewed Barry Russell, the new Independent Petroleum Association of America president, on July 6 in Washington, DC. Russell outlined the challenges facing his association.
07/14/2000 -- Are high oil prices driving the bull market in natural gas, too?
Are high oil prices driving the bull run in natural gas prices? Part 1 of a 3-part series on the US natural gas market outlook.
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 -- Drilling/Production news briefs, July 11
Petrobras ... Alberta Energy Co. ... Parker Drilling ... Shell Petroleum Development Co. of Nigeria ... Chevron Nigeria ... Pride International ... Sonangol ... Kuwait Petroleum Corp.
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.

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Drilling Production 2000 P