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Drilling Production 2001 P

  • 04/27/2001 -- Floater market to grow to $42.5 billion by 2005, say analysts
    Demand for floating production, storage, and offloading vessels off Africa could drive a newbuild floater market forecast to grow to more than $42.5 billion in the next 5 years, said a report from Douglas-Westwood Ltd. and Infield Systems UK Ltd. A total 123 new-build floating productions systems of various types could be brought on stream between now and 2005.
  • 04/26/2001 -- Syncrude sets record with oil sands production
    The Syncrude Canada Ltd. consortium reports record first quarter production of 21.3 million bbl of synthetic crude from its oil sands operation in northern Alberta. Production equated to 237,000 b/d, vs. 178,000 a year earlier.
  • 04/26/2001 -- Anadarko, Apache, and Mitchell Energy report record earnings
    Three independents Thursday reported record first-quarter net earnings and strong cash flow from operations, which the companies attributed to high natural gas prices. Anadarko Petroleum Corp., Apache Corp., and Mitchell Energy & Development Corp. expect a strong second quarter.
  • 04/26/2001 -- Canadian oil sands boom escalating construction costs
    Shell Canada Ltd. says the cost of the upstream segment of a new oil sands project in northern Alberta could be up to 20% more than the original estimate of $1.8 billion (Can.). Oil sands expansion projects by other companies in the Fort McMurray region have also experienced increased costs or have warned that they are a possibility.
  • 04/26/2001 -- Saipem drillship working in record 2,791 m of water off Gabon
    Saipem SPA is drilling a wildcat offsouthern Gabon in 2,791 m of water, the deepest in the world to date, with its S10000 drillship. The Italian contractor said the wildcat is the first assignment for the drillship, which is designed to operate in water depths of 3,000 m and drill to 10,000 m.
  • 04/25/2001 -- Finance/Companies news briefs, Apr. 25
    Comstate Resources ... Comaplex Minerals ... Cliffs Drilling ... Shell Oil ... Danoil Energy ... Western Facilities Fund ... Nevis ... WFF ... Acclaim Energy Trust ... Acclaim Energy ... Weatherford International ... CAC ... Richland Petroleum ... Coast Pacific RLP-97 Exploration ... Tyumen Oil ... Gemini Energy ... Vintage Petroleum ... and more
  • 04/25/2001 -- Industry says federal leasing permits need overhaul
    Uncertainty plagues federal leasing and post-leasing permitting, oil industry officials told the House Subcommittee on Energy and Mineral Resources Wednesday. They said companies need defined time frames and consistent, cost-effective regulations.
  • 04/25/2001 -- Petrobras reduces Brazil's crude forecast after loss of P-36
    Petroleo Brasileiro SA (Petrobras) has reduced Brazil's crude production forecast due to the loss of the giant P-36 platform, which sank in the Campos basin. The P-36 was producing 80,000 b/d. It had been expected to produce 90,000 b/d later this year and 180,000 b/d by 2005.
  • 04/25/2001 -- Thai Shell seeking to farm out acreage off Thailand
    Thai Shell Exploration & Production Co., part of the Royal Dutch/Shell Group, is looking to farm out acreage off Thailand. Thai Shell executives said they would rather concentrate on developing onshore Block S1 in northern Thailand.
  • 04/25/2001 -- Triton plans for upgraded FPSO for second phase of Ceiba
    Triton Energy Ltd., Dallas, reported Wednesday that it is negotiating to replace the FPSO producing its Ceiba field with a sister ship with expanded processing facilities, as part of second phase production plans for the Block G development off Equatorial Guinea.
  • 04/25/2001 -- Shell cuts time, cost on Brutus TLP for Green Canyon field
    Shell Exploration & Production Co. said the Brutus tension leg platform cost 17% less than the Mars TLP and will take a shorter time to complete. The structure will have taken 3.25 months to complete from the late January arrival of the 13,500-ton hull from South Korea at Gulf Marine Fabricators' yard in Ingleside, Tex.
  • 04/25/2001 -- Amerada plans redevelopment of Angus field in North Sea
    The UK Department of Trade and Industry Tuesday cleared Amerada Hess Inc.'s plan to breathe new life into decommissioned North Sea Angus field via a subsea tieback to the Uisge Gorm floating production, storage and offloading vessel. Angus will be the first decommissioned field on the UK Continental Shelf to be redeveloped.
  • 04/24/2001 -- Ocean Energy farms into Kerr-McGee deepwater gulf leases
    Kerr-McGee Oil & Gas Corp. and Ocean Energy Inc., Houston, have agreed to jointly explore 181 undeveloped leases that Kerr-McGee holds in the deepwater Gulf of Mexico. The leases are in several proven trend plays in water depths up to 8,000 ft.
  • 04/24/2001 -- Iran says crude oil capacity climbs to 4 million b/d
    Iran claims its capacity to produce oil has climbed to 4 million b/d, well above its current Organization of Petroleum Exporting Countries' quota of 3.55 million b/d. OPEC's news agency reported that Haidar Bahmani, director of National Iranian Oil Drilling Co., disclosed the productive capacity increase.
  • 04/23/2001 -- Viet Nam's Rang Dong field flow climbs to 55,000 b/d
    Conoco Inc. said Monday the latest development well in Rang Dong field off Viet Nam was completed for 10,000-b/d. The 15P well on Block 15-2 boosted field output to 55,000 b/d, a production milestone. Block 15-2 is in 165 ft of water in the Cuu Long basin.
  • 04/20/2001 -- Deepwater rig added as total US drilling increases
    US drilling activity increased with a total 1,213 rotary rigs working this week, said officials at Baker Hughes Inc. The ODS-Petrodata Group reported a new deepwater semisubmersible rig under contract in the US Gulf of Mexico.
  • 04/20/2001 -- Model electricity on gas market deregulation success, IPAA head says
    Weighing in on the electricity debate, the chairman of the Independent Petroleum Association of America called on the US Congress and state regulators not to abandon efforts to restructure electricity markets because of California's missteps. Instead, regulators should reexamine the ultimate success of gas restructuring as a blueprint for the future, Jerry Jordan suggested.
  • 04/20/2001 -- Market fundamentals may 'whipsaw' summer natural gas prices
    Natural gas prices may soften below $4/Mcf in the next two months, but a sharp increase in demand later this summer could whipsaw prices above $5/Mcf again as new electric power plants come on stream through 2002, said industry executives at a Houston conference sponsored by the International Association of Drilling Contractors.
  • 04/20/2001 -- Gas markets success can be electricity model, IPAA head says
    Weighing in on the electricity debate, the chairman of the Independent Petroleum Association of America said the US Congress and state regulators should not abandon efforts to restructure electricity markets because of missteps in California. Instead, regulators should reexamine the ultimate successes of gas restructuring as a blueprint for the future, Jerry Jordan suggested.
  • 04/20/2001 -- Developers of Corrib field off Ireland drop gas marketing request
    Owners of Corrib gas field off western Ireland have withdrawn an application to jointly market their production, due to the European Commission's concerns about competition. The companies said joint sales for 5 years would counterbalance the power of the Irish government's gas and electricity companies.