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Drilling Production 2000 P2

  • 12/13/2000 -- Market watch, Dec. 13
    Even as winter storms lashed across the Midwest US, futures prices for natural gas and home heating oil declined Tuesday�apparently on expectations of a temporary break in the weather. The January natural gas contract dropped to $8.145/Mcf, down $1.268 from Monday's record high on the New York Mercantile Exchange.
  • 12/11/2000 -- Pertamina boosts E&P spending to $189 million
    Indonesian state oil company Pertamina has boosted its E&P spending by more than $80 million for the coming year, the Organization of Petroleum Exporting Countries� news agency, OPECNA, reported Friday. The move, which will raise investment in E&P to $189 million, will kick off a 5-year program that aims to double the country�s oil production capability.
  • 12/08/2000 -- Rotary rig count steady at 1,088, up 275 from year ago
    Drilling activity continued strong with 1,088 rotary rigs working in the US and its waters this week, Baker Hughes Inc. reported Friday. Three new contracted mobile offshore rigs joined the world fleet. That helped boost offshore utilization to 87.2%, with 564 units contracted out of 647 total, said Offshore Data Services.
  • 12/08/2000 -- GAS PRICES HIGHLIGHT IMPORTANCE OF OCS SALE 181
    With the price of natural gas piercing the $8/MMBTU level in futures trading on the New York Mercantile Exchange and more than three times that level for physical supply in California, go-ahead for oil and gas leasing in the eastern Gulf of Mexico makes gargantuan sense.
  • 12/08/2000 -- Train wreck in natural gas markets beginning now
    The train wreck expected in US natural gas markets is starting to happen now.
  • 12/07/2000 -- Mitchell Energy to expand North Texas processing plant
    Mitchell Energy & Development Corp., The Woodlands, Tex., said Thursday it would double the capacity of its Bridgeport natural gas processing plant in North Texas during 2001 when it undertakes a second expansion of that facility. The expansions, once completed, will increase processing capacity to 430 MMcfd of gas and 37,000 b/d of gas liquids.
  • 12/06/2000 -- Drilling/Production news briefs, Dec. 6
    Uzenmunaigas � Gaffney, Cline & Associates � Ensco International � Burlington Resources � Friede Goldman Halter � Command Drilling � Navis � Petrobras
  • 12/06/2000 -- IOGCC says US gas production needs federal incentives
    The Interstate Oil and Gas Compact Commission Tuesday urged the next Congress to enact incentives aimed at increasing US natural gas production. The 30-state group said Congress and the next President should focus national attention on the increased demand for natural gas.
  • 12/05/2000 -- Petrobras awards Roncador field subsea contract
    Petrobras has awarded Coflexip Stena Offshore and Premier Marche's Brazilian entity Flexibras the Roncador contract to design and install 566 km of flexible risers, flowlines and umbilicals, to tie back 21 satellite subsea wells in the field to the P-36 platform. The Roncador field is located in the Campos basin off Brazil.
  • 12/05/2000 -- Sevan: UN should rethink oil-for-food scheme
    A top United Nations official today urged the organization's Security Council to rethink the current economic sanctions against Iraq in order to streamline the delivery of humanitarian aid to the Middle Eastern country. Benon Sevan, the UN's executive director of the office of the Iraq program said the oil-for-food scheme put in place at the end of the Gulf War had become 'much more complex' since its introduction.
  • 12/01/2000 -- Drilling/Production news briefs, Dec. 1
    Transocean Sedco Forex � Global Marine Drilling � Ocean Rig � Friede Goldman Halter � Seven Seas Petroleum
  • 12/01/2000 -- CNOOC to take share of Peng Lai development
    China National Offshore Oil Corp. has elected to participate in the Phase I development of the Peng Lai 19-3 field in Block 11/05 in Bohai Bay, reducing foreign partner Phillips China Inc.'s share to 49%. The development is still subject to regulatory approval that Phillips China expects in the first quarter 2001.
  • 12/01/2000 -- Petrobras signs Albacora field finance deal
    Petrobras signed a project finance agreement worth $170 million with Japan's Nissho Iwai Corp. and Indonesia Petroleum Ltd. (Inpex) to complete the second phase of Petrobras' production development project at the Albacora field, located in the Campos basin off Brazil's Rio de Janeiro state. Completion of the project's second phase, valued at $470 million (US), will raise production to 150,000 b/d from 50,000.
  • 12/01/2000 -- Ecuador's solutions
    Economic pressures continue for Ecuador, and increasing oil revenues is its best hope for relief.
  • 11/29/2000 -- Camisea contract signing delayed
    The long-awaited signing of contracts for development of the Camisea natural gas project has been put on hold in order to evaluate details, said Carlos Herrera, Peru's new energy and mining minister. The signing was recently postponed from Nov. 28 to a tentative Dec. 5. According to press reports, the government is considering postponing the signing for a further 30 days.
  • 11/29/2000 -- Repsol makes Libyan oil find
    Repsol-YPF SA has found oil with well A-1 in exploration block NC-186 of the Murzuq basin in the Sahara Desert, 800 km south of Tripoli. The well struck an oil column in the sandstone Hawaz formation and has tested up to 2,500 b/d of 41� oil from a 3/4-in. choke.
  • 11/28/2000 -- Profitability of offshore rigs continues to improve
    Houston-based offshore drilling contractor Global Marine Inc. reports its Summary of Current Offshore Rig Economics (SCORE) for October increased to 34.8, up 2.9% from September. October's SCORE is up 49.7% from the same month a year ago and is down 23% from the same month 5 years ago.
  • 11/28/2000 -- Two Canadian oil sands projects advance
    OPTI Canada Inc. plans to build a $450 million (Can.) oilsands project in the Fort McMurray region of northern Alberta. Initial output would be 30,000 b/d. And Japan Canada Oil Sands plans to increase output at its Hangingstone pilot from 1,500 b/d to 10,000 b/d by 2005.
  • 11/28/2000 -- EIA boosts estimate of US energy demand in 2020
    The US Energy Information Administration said Tuesday long-term US economic growth is expected to average 3%/year through 2020, increasing projected energy demand from 96 quadrillion btu in 1999 to 127 quadrillion btu in 2020. In its annual energy outlook a year ago, EIA estimated long-term economic growth at 2.1%/year through 2020.
  • 11/27/2000 -- Agip to spend $8 million to explore China�s Sebei block
    Agip China BV will invest $8 million for gas exploration on the Sebei block in northwestern China's Qaidam basin. The sum will cover the first 2 years of work under a contract that Agip and China National Petroleum Corp. signed in May this year.
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