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Exploration Development 2000 P4

  • 06/06/2000 -- Putin approves PSA structure for Shtokmanovskoye gas field
    Rosshelf, a subsidiary of Russia's natural gas giant, Gazprom, plans to sign an agreement with the Russian government by the end of 2000 to develop the massive Shtokmanovskoye natural gas field in the Barents Sea. In May, the Russian legislature approved a bill allowing a production-sharing contract structure for the field. But the field lies above the Arctic Circle, in 300 m of water, and about 4 km below the sea floor, so there are questions about whether the gas can be tapped profitably.
  • 06/06/2000 -- Finder well concept helps chop drilling costs
    Conoco UK Ltd., the North Sea arm of Houston-based Conoco Inc., is reaping benefits with its 'finder well' approach, which carefully plans a bare-bones drilling program and then freezes that plan to reduce drilling costs by 30% on average. 'This is not rocket science or brain surgery�it's pretty much common sense,' said John Williams, general manager of exploration for Conoco UK.
  • 06/06/2000 -- Russian majors form JV to explore Caspian Sea
    Russian majors Lukoil, Yukos, and Gazprom have agreed to form an equally owned joint venture to explore for hydrocarbons in the Caspian Sea. This represents a great leap forward for Yukos, which is following the example of Lukoil by expanding the geographical scope of its operations. The new venture will prospect for oil and gas in the northern Caspian, the partners said.
  • 06/07/2000 -- Alberta Energy steps into Ranger-Petrobank fray, but not as 'white knight'
    Alberta Energy Co. Ltd. (AEC), Calgary, has agreed to purchase natural gas assets and infrastructure currently held by Ranger Oil. Ltd., Calgary, for $262 million (Can.) in cash if Petrobank Energy & Resources Ltd.'s unsolicited takeover bid for Ranger is successful. Petrobank has extended its bid to June 19. Ranger, which is looking for a white knight, says it hopes to conclude negotiations with other suitors in mid to late June.
  • 06/07/2000 -- BP Amoco, EGPC plan Egypt NGL, LNG plants
    BP Amoco PLC has signed a key letter of intent with Egyptian General Petroleum Corp. to build a gas processing complex on Egypt's Mediterranean coast. The complex will include a two-train NGL plant and a two-train LNG plant. Capacities were not disclosed.
  • 06/09/2000 -- Electric Power news briefs, June 9
    Go-Green ... Preferred Energy Services ... UtilityGuide ... Powercor Australia ... United Customer Management Solutions ... Carolina Power & Light ... GDI Global Data ... Birka Energi ... Schlumberger RMS ... UtiliCorp United
  • 06/09/2000 -- Woodside, BP Amoco announce agreements
    Woodside Energy Ltd., Perth, Australia, said it will acquire from London-based BP Amoco PLC rights to undeveloped oil discoveries and future oil discoveries in the North West Shelf venture offshore western Australia.
  • 06/12/2000 -- Partners seek to sustain production from Bongkot field
    The Bongkot consortium is embarking on a new development scheme aimed at sustaining production from Thailand's largest gas field. The so-called Phase 3B development includes drilling 42 wells and installing two additional wellhead platforms at the existing offshore production complex, which lies about 600 km south of Bangkok in the Gulf of Thailand.
  • 06/12/2000 -- Mexico approves sale of TXU's stake in Metrogas
    Mexico�s Energy Regulatory Commission (CRE) has approved the sale of Texas-based TXU�s stake in Mexico City natural gas distribution company Metrogas to Repsol-YPF SA unit Gas Natural Mexico and Hidroelectrica del Cantabrico. TXU agreed in March to sell its stake in Metrogas to the two Spanish firms for $68 million, but the transfer required the approval of the CRE.
  • 06/12/2000 -- PEMEX starts nitrogen injections at Cantarell
    Mexico�s state-owned oil company, Petroleos Mexicanos announced it has begun injections of compressed nitrogen into its offshore Cantarell oil fields complex. The project is expected to increase output by 310,000 b/d by the end of this year.
  • 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.
  • 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 -- 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 -- 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.
  • 06/14/2000 -- 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.
  • 06/14/2000 -- 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: 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.
  • 06/15/2000 -- 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.
  • 06/16/2000 -- 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.
  • 06/16/2000 -- 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.
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