Exploration Development 2000 P

06/23/2000 -- Morocco announces new E&P incentives
The Moroccan government announced significant new exploration and production incentives at a news conference in Calgary earlier this month. Morocco plans an international bidding round in October on the Rabat-Safi offshore Atlantic sector.
06/22/2000 -- USGS ups estimates of potential reserves growth, undiscovered resources
A new assessment by the US Geological Survey concludes that expected volumes of undiscovered resources outside the US are 649 billion bbl of oil, 4.67 tcf of gas, and 207 billion bbl of gas liquids, while projected additions to reserves from discovered fields are 612 billion bbl, 3.305 tcf of gas, and 42 billion bbl of gas liquids. Compared with assessments done in 1994 and 1997, world undiscovered volumes are 20% greater for oil, 14% smaller for gas, and 130% greater for gas liquids.
06/21/2000 -- Shell may redevelop Thai offshore field
Royal Dutch/Shell Group may resuscitate exploration and production in its oil-bearing B6/27 concession in the Gulf of Thailand. The company has found more hydrocarbon reserves potential in the tract than 2 years ago, said executives of Thai Shell Exploration & Production Co., an affiliate of the Anglo-Dutch oil group. Also, higher oil prices have made the redevelopment of the field more commercially viable.
06/21/2000 -- BP review: Energy consumption stagnates in 1999
Global energy consumption stagnated for the second consecutive year, growing a mere 0.2% in 1999 in the aftermath of the Asian economic crisis and changing patterns of fuel use in China, BP Amoco PLC reported today in its annual statistical review of world energy. That's well below the average growth rate of 0.9% over the past 10 years. But world oil consumption grew 1.6% last year, slightly faster than the 1989-99 average. And global gas use shot up 2.4%, the highest growth rate since 1996.
06/21/2000 -- Exploration/Development news briefs, June 21
Oil & Natural Gas Corp. � Storm Energy ... CMS Oil & Gas
06/21/2000 -- Lukoil's Caspian find may contain 60% gas
Lukoil Pres. Vagit Alekperov on June 9 said that Severny, his company's offshore concession in the North Caspian Sea, appears to contain more natural gas than oil. Alekperov estimates the block's reserves are composed of about 60% gas and 40% oil.
06/18/2000 -- Louis Dreyfus completes purchase, reports offering
Louis Dreyfus Natural Gas Corp., Oklahoma City, said it has completed the purchase of $133 million in oil and natural gas assets from Costilla Energy Inc., Midland, Tex. The firm and its largest shareholder also are undertaking 5 million share offering.
06/18/2000 -- Shell lures Woodside with stake in Iranian project
One of the main elements of Shell Australia Ltd.'s proposal to gain a controlling share of Woodside Petroleum Ltd. is to offer Woodside a 20% equity in the $800 million (US) Nowrooz-Soroush redevelopment project in Iran. The project involves rebuilding the war-torn production infrastructure of the oil fields, for which Shell is to be paid in crude oil from the fields' restored production. It is offering Woodside 20% of the agreed volume.
06/16/2000 -- Vanco signs offshore Namibia licensing agreement
Houston-based Vanco Energy Co. on Thursday said it has signed a petroleum agreement with the government of Namibia through its subsidiary Vanco International Ltd. This is the first license awarded since Namibia converted to an open bidding system last year and Namibia's only offshore license, except for Kudu, in the southern part the country's offshore territory.
06/16/2000 -- IEA-OPEC debate over oil prices gets testy ahead of OPEC meet
IEA-OPEC debate over high oil prices gets testy ahead of next week's OPEC meeting, but it's not likely to affect the meeting's outcome.
06/16/2000 -- WPC: Deep water holds industry's greatest challenges, opportunities
A panel of international experts Thursday explored the promise of deepwater operations, which offer the best chance for major oil and gas discoveries around the world. Activity will increase and competition will become more intense, with the industry expected to spend some $76 billion to find and develop some 19 billion boe in deep waters around the globe through 2004, said Luiz Rodolfo Landim Machado, a Petroleo Brasileiro SA executive.
06/15/2000 -- Ramco awarded licensing option off Ireland
Ramco Energy PLC, Aberdeen, on Thursday said its wholly owned subsidiary Ramco Oil & Gas Ltd. has been awarded a 12-month licensing option for the Galley Head area off Ireland. Galley Head encompasses part of Block 48/18, part of Block 48/19, and part of Block 48/24, all in the North Celtic Sea basin.
06/14/2000 -- WPC: Technology key to natural gas's future
Natural gas will overtake coal and begin to challenge oil as the leading global energy source within 20 years, the World Petroleum Congress in Calgary was told Tuesday. Gas demand will increase faster than any other primary energy source, predicted one speaker at a WPC forum on gas supply and development, but industry must focus on achieving technological advances to reduce costs throughout the gas value chain, said another.
06/14/2000 -- WORLD PETROLEUM CONGRESS: Technology key to natural gas's future
Natural gas will overtake coal and begin to challenge oil as the leading global energy source within 20 years, the World Petroleum Congress in Calgary was told Tuesday. Gas demand will increase faster than any other primary energy source, predicted one speaker at a WPC forum on gas supply and development, but industry must focus on achieving technological advances to reduce costs throughout the gas value chain, said another.
06/14/2000 -- WPC: Key international figures disagree on oil price management
Rilwanu Lukman, Secretary General of the Organization of Petroleum Exporting Countries, lashed out Tuesday at government tax policies, which he claimed are the real culprits behind high prices for gasoline and heating oil in major world markets. Responding to Lukman's complaint, IEA Director Robert Priddle said consuming-nation taxes don't affect prices producers receive for crude oil.
06/13/2000 -- AEC makes Timor Sea oil discovery
AEC International (Australia) Pty. Ltd., a subsidiary of Alberta Energy Company Ltd., Calgary, today announced an oil discovery in the Timor Sea on the North West Shelf off Western Australia. While oil flowed to surface during the drillstem test, no stabilized production flow rate data were obtained.
06/13/2000 -- WPC: Protesters interrupt speech by BP Amoco's John Browne
Two political protestors got inside the World Petroleum Congress (WPC), briefly interrupting a keynote speech by Sir John Browne, group chief executive of BP Amoco PLC, at the morning plenary session Tuesday. While stressing the importance of environmental responsibility, Browne said the oil and gas industry is in a renaissance, ready to grow as a result of the technology and restructuring that occurred in recent years.
06/13/2000 -- Triton finds second reservoir off Equatorial Guinea
Triton Energy Ltd., Dallas, reported today that its Ceiba-3 development well, drilled off Equatorial Guinea, has confirmed the primary reservoir found by the Ceiba-1 and Ceiba-2 wells and encountered a deeper, 'similar-quality' oil reservoir. Ceiba-3 cut 256 ft of net oil-bearing pay, based on the analysis of drilling, coring, wireline logging, and samples, says Triton.
06/13/2000 -- MMS rejects 10 Sale 175 high bids
The US Minerals Management Service said Central Gulf of Mexico Lease Sale 175, held in March, netted $292,771,205 in high bids. After evaluating all high bids in a 3-month process, the MMS rejected 10 high bids, totaling $7,796,470, as insufficient for fair market value.
06/13/2000 -- Thailand's PTTEP to bid for Iranian E&D projects
PTT Exploration & Production PLC (PTTEP) is seeking to establish an oil exploration venture in Iran, part of a strategy to expand into the upstream petroleum sector overseas. PTTEP Pres. Kwangsukstith Chitrapongse says Iranian authorities are prepared to extend the bid deadline in the current licensing round to accommodate PTTEP's participation.

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Exploration Development 2000 P