Drilling Production 2000 P

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.
11/30/2000 -- Drilling/Production news briefs, Nov. 30
Statoil � Syncrude Canada � TrueNorth Energy � UTS Energy � Amerada Hess � Weir Westgarth � Weatherford International � Shell
11/29/2000 -- MMS plans gas drilling initiatives for 2001 Central Gulf sale
In a bid to boost offshore exploration, the US Minerals Management Service is proposing natural gas drilling incentives for the next federal lease sale in the Gulf of Mexico that could increase domestic gas production by 1 tcf within 6 years. Among other moves, MMS proposes to suspend royalty payments on the first 20 bcf of gas produced from deep wells drilled 15,000 feet below sea level in the gas-prone shallow-water shelf area of the gulf.
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.
11/29/2000 -- Offshore West Africa to lead industry spending by 2005
Capital investment in field developments off West Africa is expected to outpace spending in all other offshore oil and gas provinces in the next decade, leaping five-fold to roughly $10 billion per annum by 2005, according to a new report from UK analysts Douglas-Westwood Ltd. and data specialists Infield Systems Ltd. The authors of the report expect France's TotalFinaElf will take up the dominant position as operator in the region.
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.
11/27/2000 -- Association: Western Canada conventional crude reserves decline, other reserves up
Conventional oil reserves in Western Canada continued to decline in 1999, but remaining reserves of crude oil and oil equivalent increased by 2.1 billion bbl, says the Canadian Association of Petroleum Producers. The CAPP annual reserves report to year-end 1999 said reserves additions came primarily from oilsands areas; the industry also added an estimated 5 tcf of natural gas.
11/24/2000 -- Martens named Mexican energy minister
Mexican president-elect Vicente Fox, who takes office Dec. 1, has named former Cintra Airlines chief Ernesto Martens as his energy minister. Martens is a chemical engineer with 35 years of experience with manufacturing firms. Fox has yet to name a president for Petroleos Mexicanos.
11/23/2000 -- MMS begins offshore California drilling study
The US Minerals Management Service is planning an Environmental Impact Statement for proposed exploratory drilling off Santa Barbara County, Calif. The study will examine proposals to drill five to eight wells on three leases in the Santa Maria Basin and in the western Santa Barbara Channel.
11/23/2000 -- Williams buys into Venezuelan LNG project
A unit of Williams said Thursday it is buying TransCanada Pipeline Ltd.�s 49.25% interest in the ACCROVEN project in Venezuela. The project includes the construction and operation of two 400 MMcfd gas liquids extraction plants, a 50,000 b/d gas liquids fractionation plant, and other facilities.
11/23/2000 -- Yme faces end of the line
The licensees at Statoil's Yme field have decided to close down production from the small Norwegian North Sea development next summer, on the basis of new production and oil price forecasts which look to make Yme uneconomic. The contract with Mærsk Contractors Norge AS, which owns and operates the Mærsk Giant production jack-up that has producing oil from the field since Feb. 1996, has been cancelled as of 1 June 200.
11/23/2000 -- BP, Shell make fourth oil find offshore Angola
The Angolan E&P units of European oil giants BP PLC and the Royal / Dutch Shell Group yesterday announced a fourth oil discovery on prolific deepwater block 18 offshore Angola. The Paladio well was tested at 3,980b/d of 31� API crude suggesting, according to oil companies, the "possibility of a significant oil accumulation." BP said "further work will needed to evaluate the full extent of Paladio."
11/22/2000 -- Drilling/Production news briefs, Nov. 22
US Crude � Southwest Oil Production � State Energy & Development � Rowan � PanCanadian Petroleum � Sable Offshore Energy � Akita/Equtak Drilling � Akita Drilling � Inuvialuit Development
11/22/2000 -- CNRL to drill 200 wells in Alberta this winter
Canadian Natural Resources Ltd., Calgary, says it will drill 200 coreholes this winter on leases in northern Alberta, where it plans to develop a major oilsands project. The company says it will file for regulatory approval for the Mic Mac project in 2002. It acquired the leases from BP Amoco in mid-1999.
11/22/2000 -- Statoil makes 'promising' find on Falk
Statoil SA has a 'promising' discovery on the Falk structure northeast of its Norwegian North Sea Norne field. Statoil said the well found oil in early Jurassic sands, but the size of the discovery remains uncertain. The well, 6608/11-2, operated by the West Navion drillship in 350 m of water, was terminated 2,200 m below sea level.

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Drilling Production 2000 P