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Drilling Production 2001 P12

  • 04/30/2001 -- OTC panel concerned about slow pace of safety, environmental standards
    The increased globalization of the oil and gas industry has brought the need for cost-effective, international safety and environmental standards. An industry panel debated the successes and failures of international standards Monday at the Offshore Technology Conference in Houston.
  • 05/01/2001 -- Shell tells OTC of new management tactics for Brutus project
    Shell International Exploration and Production Inc.'s Brutus project, a deepwater tension leg platform slated for installation this summer, used new management tactics, executives told the Offshore Technology Conference. Shell used a standardization document published by the Project Management Institute.
  • 05/01/2001 -- Husky reports sixfold increase in quarterly earnings
    Husky Energy Inc. reports a sixfold increase in first quarter 2001 earnings to $242 million (Can.) compared with $39 million in first quarter 2000. The company said first-quarter cash flow increased to $620 million from $191 million in first quarter 2000.
  • 05/01/2001 -- Syncrude sets record outlay of $900 million (Can.) this year
    Syncrude Canada Ltd., a 10-member joint venture, is budgeting a record $900 million (Can.) for capital investment in 2001. Most of this will be dedicated to engineering design work and procurement-fabrication work for Stage 3 of the Syncrude 21 expansion program.
  • 05/02/2001 -- UK oil and gas demand exceeds production in first quarter
    Harsh weather and the general decline in output from older UK North Sea fields coupled to reduce the country's oil and gas production in the first quarter, the Department of Trade & Industry reported Tuesday. Production of oil and gas fell by 13.9% and 3.8%, respectively, while consumption rose by 2.1% and 3.6%.
  • 05/02/2001 -- DOE to fund six projects showcasing production practices
    The US Department of Energy's National Petroleum Technology Office, Tulsa, has selected six projects to demonstrate "best practices" for oil producers. The projects to be funded are the first under the PUMP (Preferred Upstream Management Practices) technology transfer program.
  • 05/02/2001 -- Petrobras plans to restart production from Roncador in 2002
    Petroleos Brasileiro SA plans to restart oil production from Roncador field, site of the worst offshore oil industry accident in recent years, in second half 2002. Petrobras Pres. and CEO Henri Philippe Reichstul made the announcement at the Offshore Technology Conference while accepting the OTC Distinguished Achievement Award.
  • 05/02/2001 -- OTC told MMS is likely to approve FPSOs for Gulf of Mexico
    While the US Minerals Management Service still has not authorized the use of floating production, storage, and offloading systems in developing deepwater oil reserves in the Gulf of Mexico, industry and government officials at the Offshore Technology Conference seem to assume it's just a matter of time.
  • 05/02/2001 -- MMS official predicts surge in Gulf of Mexico oil production
    The Gulf of Mexico is booming with activity, Minerals Management Service gulf OCS regional director Chris Oynes told the Offshore Technology Conference Wednesday. Deepwater oil production is surging, and government officials are trying to find incentives to boost flagging gas production in shallow water, Oynes said.
  • 05/03/2001 -- Friede Goldman Halter hires restructuring advisors
    Offshore equipment manufacturer Friede Goldman Halter Inc., Gulfport, Miss., said Thursday it has hired E&Y Capital Advisors LLC to help assist management in the company's reorganization process. The company has filed for Chapter 11 bankruptcy protection.
  • 05/03/2001 -- Independents ask US Congress to keep marginal tax break
    Independent oil producers want the US Congress to continue a marginal tax credit that is due to expire this year, industry told a House Subcommittee on Select Revenue Measures Thursday. The Bush administration's 2002 budget plan, now before Congress, proposes a 1-year extension of the credit, and there is also support on Capitol Hill to preserve the measure.
  • 05/03/2001 -- Kazakhstan seeks more than $140 billion from foreign investors
    The Republic of Kazakhstan will need some $140 billion investment in exploration, appraisal, and development over the next 40 years, not even counting construction of a transportation infrastructure of pipelines, barges, and railroads, officials said Thursday at the Offshore Technology Conference in Houston.
  • 05/04/2001 -- Bush to let states amend road building ban in forests
    The Bush administration Friday announced states will be allowed to modify Clinton administration rules that prevent oil drilling by restricting logging and road building in about one-third of the national forests. Yet the exact manner in which states will be allowed to exercise their authority is still an open-ended question, industry and government officials concede.
  • 05/04/2001 -- US drilling, world offshore rig utilization continue to rise
    US drilling activity increased with 1,217 rotary rigs working this week, 5 more than the previous week and up from 833 during the same period last year, officials at Baker Hughes Inc. reported Friday. Worldwide utilization of mobile offshore rigs improved for the 11th consecutive week, said officials at the ODS-Petrodata Group.
  • 05/07/2001 -- Stewart & Stevenson develops riser for deepwater dual gradient drilling
    Stewart & Stevenson Service Inc, Houston, has introduced the first riser system, shown above, designed for deepwater dual gradient drilling.
  • 05/07/2001 -- McDermott wins Qatar contract for offshore platform
    Qatar awarded J. Ray McDermott Middle East an engineering, procurement, construction, and installation contract for an offshore platform and pipelines for Maydan Mahzam fields, OPEC's news agency reported Monday. J. Ray McDermott is a subsidiary of McDermott International Inc., New Orleans.
  • 05/08/2001 -- Market watch: Futures prices retreat with expected inventory increase
    Energy futures prices retreated Monday on the New York Mercantile Exchange, with expectations among traders that the American Petroleum Institute will report a continued buildup of US oil and petroleum products inventories.
  • 05/08/2001 -- ONGC to invest 100 billion rupees in enhanced recovery
    India's Oil and Natural Gas Corp. will invest more than 100 billion rupees ($2.1 billion) in an enhanced oil recovery program during the current fiscal year, said ONGC Chairman and Managing Director B.C. Bora.
  • 05/09/2001 -- Transocean Sedco Forex drillship sets ultradeepwater record
    Transocean Sedco Forex Inc. said Wednesday its Discoverer Spirit drillship set a world record by spudding an exploration well in 9,687 ft of water in the Gulf of Mexico for Unocal Corp. The exploration well, on Unocal's Trident prospect in Alaminos Canyon Block 903, beat a record of 9,157 ft of water off Gabon.
  • 05/10/2001 -- Australian oil shale firms make first shipment from Stuart Project
    Southern Pacific Petroleum NL and Central Pacific Minerals NL said they have made their first shipment of shale oil products from the Stuart Project near Gladstone in Queensland. On Wednesday, more than 40,000 bbl of medium shale oil was exported from Australia bound for the Southeast Asia fuel oil market.
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