Drilling Production 2001 P

08/01/2001 -- Iran negotiates $359 million offshore development deal
Iranian government officials are negotiating a $359 million buy-back deal with PetroIran Development Co. to triple production from two offshore oil fields to 150,000 b/d by the end of 2005, Middle East sources said Wednesday.
08/01/2001 -- DOE funding three projects to test marginal well production techniques
The US Department of Energy Tuesday added three more projects to a high-technology program designed to help small businesses boost marginal well production. Producers can apply for the final two rounds of the program by either Aug. 15 or Dec. 24
07/31/2001 -- Alaska governor urges House to vote Wednesday for ANWR development
Alaska Gov. Tony Knowles has urged the 435 members of the US House of Representatives to open the coastal plain of the Arctic National Wildlife Refuge to oil and gas development. The House is expected to consider a bill Wednesday that proposes leasing of the region in northeastern Alaska.
07/31/2001 -- Market watch: Energy futures falter with economic concerns
Futures prices for oil and refined products slumped Monday as traders focused their concerns on the effect of a US economic slowdown on the world economy. Some analysts are worried that a sluggish economy will reduce world demand for oil.
07/30/2001 -- Talisman reports record $583 million (Can.) net income during first half
Talisman Energy Inc., Calgary, reported second quarter net income of $237.2 million (Can.) on cash flow of $640.9 million. For the same quarter 2000, it had reported net income of $213.9 million on revenue of $572.7 million. It said its 6-month results were its best ever. It reported $583 million in net income during the period on cash flow of $1.4 billion.
07/30/2001 -- Budget office estimates GOP leasing proposals would cost $462 million
The Congressional Budget Office estimates that key leasing and royalty portions of the Republican energy bill pending before the House of Representatives will cost the US more than $400 million and states about $350 million over the next 10 years.
07/30/2001 -- Geoilbent begins oil production from Western Siberian block
Geoilbent has began production from its first development well in South Tarasovskoye field in Western Siberia, said Benton Oil & Gas Co., Houston, which owns 34% of Russian company Geoilbent. The well was drilled to 9,535 ft TD and found a 365-ft gross oil column in multiple productive intervals.
07/27/2001 -- Offshore rig utilization slides to 13-month low in Gulf of Mexico
Total US drilling declined slightly, but the utilization rate among mobile offshore rigs in the Gulf of Mexico dropped for the sixth consecutive week to a 13-month low, industry analysts reported Friday. The utilization rate fell to 83%.
07/27/2001 -- Is OPEC tempting fate-1986 redux-with strong defense of oil prices?
Is OPEC tempting fate--in the form of 1986 redux--with its dogged defense of prices?
07/26/2001 -- Spinnaker finds gas in Mustang Island area off Texas
Spinnaker Exploration Co., Houston, has a gas-condensate discovery at its Stirrup prospect on Mustang Island Block 861 in Texas state waters in the Gulf of Mexico. After stimulation, one sand tested at 21.1 MMcfd of gas and 130 b/d of condensate at flowing pressure of more than 11,000 psi.
07/26/2001 -- Phillips reports 37% boost in operating income in second quarter
Phillips Petroleum Co. Thursday reported second-quarter net operating income, excluding special items, of $601 million, up 37% from $439 million for the same period a year ago. Total revenues were $5 billion, versus $5.4 billion a year ago.
07/26/2001 -- Royal Dutch/Shell reenters Gulf of Thailand oil well
Royal Dutch/Shell Group's plan to revive oil production in the Gulf of Thailand has begun with the successful reentry of a well that was shut down more than 4 years ago due to technical problems.
07/26/2001 -- Higher production and prices boost earnings for Anadarko, Apache
Anadarko Petroleum Corp. said higher prices and production drove its net income available to common stockholders to $401 million for the second quarter, vs. $64 million a year earlier. Apache Corp. reported second-quarter earnings before nonrecurring items of $241 million, up 73% from $139 million in the prior-year period.
07/26/2001 -- Market watch: Prices jump with OPEC cut
US energy futures prices jumped Wednesday in instant reaction to a surprise announcement that the Organization of Petroleum Exporting Countries will reduce its oil production by 1 million b/d effective Sept. 1.
07/25/2001 -- Phillips, Anadarko find another satellite to Alpine field in Alaska
Phillips Alaska Inc. and Anadarko Petroleum Corp. have found a satellite oil field near newly developed Alpine field on the North Slope of Alaska. They estimate the Nanuq accumulation contains more than 40 million bbl of gross recoverable reserves, less than the Fiord satellite to Alpine, which may contain more than 50 million bbl.
07/25/2001 -- Gas well blowout continues in Gulf of Mexico
Officials for Global Marine Inc., Houston, said Wednesday they have abandoned attempts to cap the blowout of the Brazos 417 #1 natural gas well in the Gulf of Mexico, about 26 miles south of Freeport, Tex., and will rely instead on a relief well that's being drilled.
07/25/2001 -- Atwood orders newbuild jack up from Keppel FELS
Atwood Oceanics Inc., Houston, has ordered a $125 million newbuild jack up rig from Keppel FELS Ltd., Singapore. Keppel FELS should complete construction of the rig in June 2003.
07/25/2001 -- Texas Railroad Commission program draws fire at industry hearing
The Texas Railroad Commission's newly approved risk-based program for dealing with spills and other oil field mishaps drew fire from several industry representatives at the annual State of the Oil and Gas Industry meeting Wednesday in Austin.
07/25/2001 -- Independents pursue basin-centered gas play in Utah's Uinta basin
Several independents are drilling wells in a shallow basin-centered gas play in the Uinta basin 50 miles southeast of Vernal. A group led by Huntford Resources Corp., Englewood, Colo., started the play earlier this year with completion of three wells flowing gas.
07/25/2001 -- Unocal says higher natural gas prices fuel earnings jump
Unocal Corp. said Wednesday adjusted after-tax earnings, excluding special items, in the second quarter were $228 million, up from adjusted earnings of $170 million in the same quarter last year. Unocal's Lower 48 output was 954 MMcfd, up 31% from a year ago.

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Drilling Production 2001 P