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Exploration Development 2001 P

  • 05/16/2001 -- Hurricane Hydrocarbons tries to block Kazakh bid
    Hurricane Hydrocarbons Ltd., Calgary, has approved a $200 million (US) payment in the form of dividends in a bid to block a takeover bid by shareholders in Kazakhstan, where the company has its main crude production.
  • 05/16/2001 -- Analyst says Caspian needs middle-way boundary treaty
    To end the long-standing political stalemate over maritime boundaries in the Caspian Sea, the area's five coastal states will have to forge a common middle-way agreement that balances demarcation with shared use, a UK-based academic specializing in energy policy in the region said Tuesday. But Sergei Vinogradov warned the five nations have "a long road ahead."
  • 05/16/2001 -- Higher oil production boosts CNOOC first-quarter revenues
    CNOOC Ltd., Hong Kong, Wednesday announced first-quarter revenue of $574 million, a 12.5% jump from the same period a year earlier, based upon higher oil production volumes. In particular, production from Bohai Bay increased because of successful commercialization of discoveries.
  • 05/15/2001 -- Market watch: OPEC eyes prices ahead of June meeting
    Trading was mixed Monday on international energy futures markets as members of the Organization of Petroleum Exporting Countries analyzed oil prices prior to their next ministerial conference June 5 in Vienna.
  • 05/14/2001 -- Conoco to build $75 million gas-to-liquids demonstration plant
    Conoco Inc., Houston, Monday announced plans to build a $75 million demonstration plant in Ponca City, Okla., to commercialize the company's proprietary technology for converting natural gas to liquids. Conoco said gas-to-liquids technology could enable economic development of stranded gas reserves estimated at more than 4,000 tcf worldwide.
  • 05/14/2001 -- Pakistan to sell its interests in nine concessions this summer
    Pakistan's Privatization Commission plans to accept bids in late July or early August on the government's working interest in nine oil and gas concessions. Pakistan nets 9,000 b/d of oil and 60 MMcfd from the nine blocks, which have 50 million boe/d of reserves.
  • 05/14/2001 -- Norwegian government targets June 18 for Statoil IPO
    The Norwegian government has set June 18 for the launch of its partial initial public offering for listing Statoil AS, the state-owned oil company, on the Oslo and New York stock exchanges. The Norwegian government plans to float between 15-25% of Statoil through the IPO, a percentage that could rise to 33% via partnership agreements.
  • 05/10/2001 -- BP says well finds 1 tcf of gas
    BP Trinidad and Tobago, an affiliate of BP PLC, said its Cashima-1 well off the east coast of Trinidad has found more than 1 tcf of gas. The well, 2.5 miles east of Flamboyant field, is the first of four planned this year.
  • 05/10/2001 -- CNOOC signed a new PSC with Santa Fe
    China National Offshore Oil Corp. (CNOOC) Thursday announced it has signed a production sharing contract with Santa Fe Energy Resources (China) Ltd. for Block 27/10 in the Pearl River Mouth Basin of South China Sea. The block, 160 km south of Hong Kong, covers 6,546 sq km.
  • 05/09/2001 -- Gulf Canada reports first quarter earnings 27 times 1Q 2000
    Gulf Canada Resources Ltd., Calgary, reports first quarter earnings of $140 million (Can.), a 27-fold increase over first quarter 2000 and almost equal to total 2000 earnings of $148 million. Earnings per share of 24¢ were up 140%, compared with the best quarter of 2000.
  • 05/09/2001 -- More California blackouts expected Wednesday
    The California grid operator said it expects to call for 800 Mw in firm load curtailments Wednesday afternoon, double the 400 Mw that were shed during Tuesday's rolling blackouts. The system is expected to be under even heavier demand Wednesday than it was Tuesday. Peak demand on the transmission system is expected to reach 35,190 Mw Wednesday, compared to Tuesday's projected peak of 34,469 Mw.
  • 05/09/2001 -- Lundin hits oil in joint development area off Viet Nam
    Lundin Oil AB, through its wholly owned subsidiary Lundin Malaysia Ltd., Wednesday announced an oil discovery on Block PM-3 CAA in a joint development area off Malaysia and Viet Nam. The East Bunga Raya No. 1 well encountered seven oil zones.
  • 05/09/2001 -- Fluor awarded engineering contract for project off China
    Phillips Petroleum Co., Bartlesville, Okla., selected Fluor Corp.'s offshore services division to provide engineering for the Bohai Bay Peng Lai 19-3 Phase II Development Project off China, said Fluor, Aliso Viejo, Calif. The contract calls for feasibility studies with options for front-end design, engineering, and other services.
  • 05/08/2001 -- Hallwood Exploration joins Occidental off Peru
    Occidental Petrolera del Peru Inc. and its partner, Hallwood Exploration Company Peru, in Block Z-3 off Peru expect to obtain a 6-month extension in the second exploration stage from Perupetro, the state oil agency. Hallwood has agreed to 15% interest in Block Z-3, and the two companies expect to sign the extension soon.
  • 05/08/2001 -- California braces for another day of blackouts
    With temperatures hitting record highs, California braced for a second day of possible rolling blackouts Tuesday. Jim McIntosh, director of operations for the California Independent System Operator, warned blackouts are 'probable' later in the day during a Tuesday morning conference call. 'Demand is trending at 1000 Mw over where we were yesterday at this time,' he said.
  • 05/08/2001 -- FTC finds no illegal activity in western states gasoline market
    The US Federal Trade Commission Monday said a 3-year investigation of major refiners has found no illegal marketing and distribution activities by them in five western states. FTC initiated the investigation to explore differences in the price of gasoline between California cities Los Angeles, San Francisco, and San Diego.
  • 05/07/2001 -- FERC mulls modifying spills to boost Northwest hydropower
    The Northwest Power Planning Council said 2,250 Mw of hydroelectric power would be available for this summer, if water were not spilled over dams now and saved for later when demand for power is greatest. The planning council submitted information last month to the Federal Energy Regulatory Commission in response to a west-wide request to identify ways to increase the power supply.
  • 05/07/2001 -- Exploration/Development news briefs, May 7
    National Iranian Oil ... Ensign Geophysics ... Geopet ... Perupetro ... Texas Railroad Commission ... Goodrich Petroleum ... Ivanhoe Energy ... Aera Energy ... Esenjay Exploration ... Ocean Energy... Swift Energy ... Gulf Canada Resources
  • 05/07/2001 -- Gulf Indonesia says Suban-5 flows 31 MMcfd
    Gulf Indonesia Resources Ltd. and partners report the Suban-5 delineation well in the Corridor Block production sharing contract area in South Sumatra flowed on initial testing at a rate of 31 MMcfd of natural gas.
  • 05/07/2001 -- Indian offering draws bids for 16 offshore, 7 onshore tracts
    The Indian government has received bids for 16 offshore and seven onshore blocks in the second round of the new exploration licensing policy (NELP-II). The state-owned Oil & Natural Gas Corp. competed with a partnership of Reliance Industries Ltd. and Hardy Exploration and Production India Ltd. to dominate the offering.
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