Drilling Production 2001 P

07/25/2001 -- Schlumberger's second quarter net jumps 20% to $187 million
Schlumberger Ltd., New York City, said net income for the second quarter was $187 million, up 20% from the same period last year. Oilfield Services segment revenue, including WesternGeco, increased 44% versus the second quarter as the worldwide rig count grew.
07/25/2001 -- OPEC cuts oil production quota 1 million b/d effective Sept. 1
Members of the Organization of Petroleum Exporting Countries said Wednesday they are reducing their oil production quota 1 million b/d effective Sept. 1 to reinforce the sagging oil market. The third OPEC production cut this year was decided without a formal meeting.
07/24/2001 -- Noble Affiliates tests gas at Swan prospect off Viet Nam
Noble Affiliates Inc., through subsidiary Samedan Vietnam Ltd., has tested gas at its Swan prospect on Block 12W off Viet Nam. The wildcat in 260 ft of water flowed 20 MMcfd of gas with 150 b/d of condensate during a drillstem test at 12,884 ft in the Upper Oligocene Cau.
07/24/2001 -- TotalFinaElf awards two turnkey contracts for B field off Libya
Compagnie des Pétroles Total Libye has awarded two turnkey contracts for development of Field B on Block 137 off Libya along the Tunisan border to consortiums in which Bouygues Offshore SA has an interest, said Bouygues.
07/24/2001 -- Chevron says downstream profits behind record second quarter income
Chevron Corp. Tuesday reported net income of $1.32 billion for the second quarter, compared with $1.11 billion for the same quarter last year. It said the improvement in earnings from the year-ago quarter was largely driven by its US downstream operations
07/24/2001 -- ExxonMobil earnings rise 6%, offset drop in chemicals profits
ExxonMobil Corp. Tuesday reported record second quarter earnings of $4.38 billion, excluding merger effects and special items. That's up $230 million, or 6%, from the second quarter of 2000. Chemicals earnings fell $220 million due to deterioration in margins as higher gas prices drove up feedstock costs while product prices fell.
07/24/2001 -- Unocal says Trident find in deepwater Gulf of Mexico taps 300 ft of pay
Unocal Corp. said Tuesday its deepwater Trident prospect in Alaminos Canyon Block 903 in the US Gulf of Mexico found more than 300 ft of hydrocarbon-bearing pay and other zones of interest. Unocal said preliminary evaluation indicates reservoir fluid of 40°-gravity or higher.
07/23/2001 -- Drilling/Production news briefs, July 23
China ... Ocean Oil Construction & Services ... Prosafe ... Shell Exploration & Production ... Chiles Offshore ... Parker Drilling ... Karachaganak Petroleum Operating ... Helmerich & Payne International Drilling ... Gardner Denver
07/23/2001 -- Conoco's second quarter earnings jump 32%, Humber refinery on stream
Conoco Inc. said strong refining margins, good natural gas prices, and higher production boosted net income to $606 million for the second quarter. It said the 230,000-b/d refinery at Humber in the UK was back on stream following a fire in April.
07/23/2001 -- Marathon reports record second quarter revenues of $9.2 billion
USX-Marathon Group said Monday that its second quarter net income was $582 million, or $1.88/share, compared with $367 million a year earlier. Revenues of $9.2 billion in the second quarter compared with $8.7 billion in second quarter 2000.
07/23/2001 -- Statoil says Lufeng field off China exceeds oil output forecast
Statoil AS said Monday that Lufeng field off China yielded more than 26 million bbl of oil between its start-up in December 1997 and early July. That exceeded the forecast of 25 million bbl when the decision was made to develop the South China Sea field.
07/23/2001 -- OPEC may meet in August to cut oil production again
Members of the Organization of Petroleum Exporting Countries are considering a possible meeting in early August that could result in the group's third production cut this year to boost sagging oil prices.
07/20/2001 -- US drilling activity declines slightly
Total US drilling declined slightly this week, with the utilization rate dipping among mobile offshore rigs in the Gulf of Mexico, industry analysts said Friday. There were 1,278 rotary rings working in the US and its waters, 15 less than the previous week but still up from 950 during the same period a year ago.
07/20/2001 -- Statoil has oil discovery near Kristin field in Norwegian Sea
Statoil has an oil discovery on production license 134B about 10 km north of its Kristin field in the Norwegian Sea. Exploration well 6506/11-7 was drilled to 4,942 m below sea level in 356 m of water and encountered oil under high pressure in Jurassic sands. A production test recovered light oil from two reservoirs.
07/19/2001 -- Specialists prepare to cap gas blowout in Gulf of Mexico
Specialists from Wild Well Control Inc., Spring, Tex., are scheduled Friday to begin efforts to cap a week-old natural gas blowout in the Gulf of Mexico about 26 miles south of Freeport, Tex.
07/19/2001 -- MMS awards study on how offshore development affects Louisiana ports
The US Minerals Management Service has awarded the National Ports and Waterways Institute at the University of New Orleans a contract to study the effects of offshore activity on three Louisiana ports. The study will continue through Dec. 31, 2002.
07/18/2001 -- Tyumen offers Yugraneft assurances to region, JV partner
Tyumen Oil Co., Moscow, said it would retain the workforce, tax payments, and oil prices of Russian company Yugraneft, a joint venture whose ownership is in dispute with a group of Canadian investors. It gave the assurance to the governor of the Khanty-Mansiisk Autonomous region and representatives of NOREX Petroleum Ltd.
07/17/2001 -- Harken gets permits to hook up gas discovery in Louisiana
Harken Energy Corp., Houston, received final regulatory permits and rights of way from Louisiana officials for installation of a natural gas production line from its Cenac No. 1 well, company officials said Tuesday.
07/17/2001 -- Water injection to continue at Heidrun field in Norwegian Sea
Statoil said Tuesday that the Heidrun licensees will continue a project to extend water injection on the Statoil-operated Norwegian Sea field. It said increased water injection is needed to ensure efficient oil recovery from the Lower Tilje and Åre reservoirs.
07/16/2001 -- Global Marine says economics for offshore rigs improved slightly in June
Offshore drilling contractor Global Marine Inc., Houston, reports its worldwide Summary of Current Offshore Rig Economics for June increased by 0.6% over May, "in spite of a reduction in the Gulf of Mexico."

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Drilling Production 2001 P