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Exploration Development 2001 P15

  • 04/18/2001 -- Pinnacle Resources acquiring interest in Caspian Sea reserves
    Pinnacle Resources Inc., Englewood, Colo., Wednesday said it secured an option to acquire 100% of Eastern Petroleum (Cyprus) Ltd., a 49% owner of Caspian field on the northwest coast of the Caspian Sea. Caspian field is in the independent state of Kalmykia, immediately south of Kazakhstan.
  • 04/18/2001 -- Santos wildcat finds gas
    Australian company Santos Ltd. has made its third field discovery this year in the Victorian sector of the Otway basin. Croft-1 wildcat on exploration permit 154 found a 60-m gross gas column in the Cretaceous Waarre Sand at 2,025-2,085 m.
  • 04/17/2001 -- AEC: Ladyfern to boost production by 75 MMcfd
    Alberta Energy Co. Ltd. said its most recent discovery, due on stream in June, will boost its gas sales forecast for 2001 by more than 75 MMcfd to 1.4 bcfd-1.5 bcfd. AEC said the Ladyfern discovery, announced in February, will likely produce 100 MMcfd-150 MMcfd in the last half of 2001.
  • 04/17/2001 -- PG&E reports $3.36 billion loss for 2000
    Reflecting the turmoil in the California electricity markets, PG&E Corp. Monday reported a 2000 net loss of $3.36 billion, the result of an aftertax charge of $4.1 billion related to costs from the state energy crisis. Not counting the charge and other nonrecurring items, PG&E said 2000 earnings from operations were $925 million, or $2.54/share, compared to $826 million, or $2.24/share in 1999.
  • 04/16/2001 -- Corridor confirms New Brunswick gas discovery
    Corridor Resources Inc., Halifax, NS, Monday said it has confirmed its McCully discovery in New Brunswick. The McCully wildcat, 7 miles northeast of Sussex, NB, originally was announced in September. Corridor plans to re-complete the discovery well.
  • 04/12/2001 -- Santos has gas find in southwest Queensland
    Australian company Santos Ltd., operator for the South West Queensland unit, Thursday announced the discovery of a gas field in the Queensland sector of the Cooper basin. The Quasar South 1 well flowed 6.1 MMcfd from the Permian Patchawarra sand.
  • 04/11/2001 -- Sinopec Star strikes gas in East China Sea
    Sinopec Star Petroleum Co. Ltd., a subsidiary of China Petrochemical Corp., has a gas discovery in the East China Sea. Tianwaitian-3 tested 683,000 cu m/day of gas and 28 cu m/day of condensate late last month. The well is 400 km southeast of Shanghai.
  • 04/11/2001 -- Bitech acquires prospective acreage on Sakhalin Island
    Bitech Petroleum Corp., Toronto, announced an agreement with Dashk LLC, a Russian company, to jointly develop the Djimdan license block on Sakhalin Island. Bitech is acquiring 52% of Dashk LLC for $1.7 million.
  • 04/10/2001 -- Talisman to acquire Petromet for $806 million (Can.)
    Talisman Energy Inc., Calgary, Tuesday announced plans to acquire Petromet Resources Ltd., Calgary, for $806 million (Can.). It will pay $13.20 (Can.)/share for Petromet stock, about $731 million in cash, and assume debt of $75 million.
  • 04/10/2001 -- Sinopec aims to slash operating costs $265 million
    China Petroleum & Chemical Corp (Sinopec) is working on a number of cost-cutting measures to save up to $265 million this year. Sinopec will also cut 27,000 jobs, saving 350 million yuan ($42.3 million). It hopes to cut 100,000 jobs by 2005.
  • 04/10/2001 -- Shell awards work for Na Kika subsea umbilical in Gulf of Mexico
    Shell Exploration & Production Co. Tuesday chose subsea power and umbilical cable specialist Nexans SA to supply and install a 135 km umbilical connecting six platforms on the oil company's deepwater Na Kika development in the US Gulf of Mexico. The umbilicals, which will convey fluids, electricity, and telecommunication signals, will be laid in 2,300 m of water.
  • 04/10/2001 -- Market watch: Gasoline concerns boost energy futures
    Concerns over another summer of possibly tight US gasoline supplies helped boost energy futures on international markets Monday, wiping out most previous losses. On the New York Mercantile Exchange, the May contract for unleaded gasoline jumped by 2.2� to 99.12�/gal.
  • 04/09/2001 -- Santos to acquire holding in Evans Shoal field
    Australian company Santos Ltd. has agreed to acquire up to a 40% interest in the Evans Shoal field in Timor Sea in a transaction worth $80 million (Aus.). Santos estimates the field contains 6.6 tcf of recoverable dry gas reserves.
  • 04/09/2001 -- Australian producers complain of supply complacency
    Australia has become dangerously complacent about its energy requirements, said Barry Jones, executive director of the Australian Petroleum Production and Exploration Association. He said oil production is 600,000 b/d but will drop to at least 313,000 b/d in 10 years, and possibly as low as 132,000 b/d.
  • 04/09/2001 -- Australia offers 42 offshore exploration licenses
    Australia is offering 42 offshore petroleum exploration areas for open bid. Sen. Nick Minchin, Australia's minister for Industry, Science, and Resources, said the leasing fits the government strategy to encourage more intensive exploration of the continental shelf.
  • 04/09/2001 -- Veba wraps repositioning year with 'improved' results
    Veba Oil & Gas GMBH Chairman Paul Haseldonckx credited high crude prices and a robust US dollar Monday as the German company recorded post-tax profits of 300 million euros on revenues of 1.8 billion euros for 2000. Some of the gloss came off Veba's figures because production and reserves figures fell slightly with the sale of assets.
  • 04/06/2001 -- Uzbekneftegaz to announce privatization
    The Uzbekistan government plans to outline details on the privatization of Uzbekneftegaz, the national oil company, and its subsidiaries during a 1-day conference in Tashkent May 16. The privatization is part of an economic restructuring aimed at achieving an annual economic growth of 4-5%. A presidential decree was made last year regarding new investment legislation in oil and gas.
  • 04/06/2001 -- US MMS issues notices for lease sales
    The US Minerals Management Service has issued proposed notices of sale for Western Gulf of Mexico Lease Sale 180 and Central Gulf of Mexico Sale Part 2, scheduled concurrently for Aug. 22. Both offer blocks in the Western Gap, formerly in dispute with Mexico.
  • 04/06/2001 -- From ANWR to Baghdad
    With leasing prospects for the Arctic National Wildlife Refuge coastal plain dim, most US companies are hoping White House energy policymakers turn their attention outside US borders. President George W. Bush recently signaled he recognizes the country will have to continue to go outside the US to meet energy demand.
  • 04/05/2001 -- US lawmakers say roadless rule hurts energy security
    A last-minute decision by the Clinton administration to restrict 58.5 million acres of federal land from development was "short-sighted" in light of tight energy supplies that have driven up fuel prices, Republicans from oil-producing states complained Wednesday at a congressional hearing.
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