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Drilling Production 2001 P19

  • 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.
  • 07/23/2001 -- 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.
  • 07/23/2001 -- 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 -- 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 -- 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 -- 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
  • 07/24/2001 -- 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 -- 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.
  • 07/25/2001 -- 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.
  • 07/25/2001 -- 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 -- 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 -- 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 -- 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.
  • 07/26/2001 -- 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.
  • 07/26/2001 -- 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 -- 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.
  • 07/27/2001 -- 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?
  • 07/27/2001 -- 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%.
  • 07/30/2001 -- 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.
  • 07/30/2001 -- 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.
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