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Exploration Development 2001 P18

  • 02/28/2001 -- Brunei to issue deepwater licenses early in 2002
    Brunei said 28 companies are interested in production-sharing contracts in its deepwater regions. The country expects to award new production-sharing contracts early in 2002, with bids closing by November this year.
  • 02/26/2001 -- Reliance buys equity in five Indian blocks
    Indian conglomerate Reliance Industries Ltd. has acquired an equity stake in five of the exploration blocks awarded to Irish energy multinational Tullow Oil PLC, Dublin, in the northwestern Indian states of Gujarat and Rajasthan. These blocks are adjacent to Reliance�s existing concessions.
  • 02/26/2001 -- Survey predicts 31% increase in Australian exploratory drilling
    Australian operators have indicated they will drill 125 exploration wells this year, a 31% increase from the 95 drilled in 2000. The survey by the Australian Petroleum Production & Exploration Association Ltd. indicated most of the exploration will be in the mature Cooper-Eromanga basin of South Australia and Queensland, and on the North West Shelf.
  • 02/26/2001 -- Sinopec to boost East China Sea E&P
    China Petroleum & Chemical Corp. (Sinopec) is slated to spend $2.9 billion on gas exploration and production in the East China Sea in the next 5 years. The company will drill 20 exploration wells by the end of 2002 and conduct seismic surveys at the Xihu trough.
  • 02/23/2001 -- Shell, Mobil return Peruvian block near Camisea fields
    The Shell-Mobil consortium operating in Peru has informed Perupetro, the state oil agency, that it will return Block 75, neighboring the Camisea natural gas fields, when the next stage of its contract expires on Mar. 17.
  • 02/23/2001 -- Repsol opens another field near Casablanca complex off Spain
    Repsol-YPF has an oil discovery off Spain near the Casablanca complex of fields. The Chipir�n Northeast discovery flowed 8,000 b/d of 40�-gravity oil in production tests. It will be produced via the Casablanca field platform.
  • 02/23/2001 -- Long-term power contracts boon for gas
    Long-term power contracts will prove a long-term boon for North American natural gas prices.
  • 02/23/2001 -- Changing North Sea identities
    The economic crisis precipitated by the low crude prices of 1998 brought with it a kind of crisis of identity for the North Sea oil and gas industry.
  • 02/22/2001 -- California inks 10-year power deal with Williams
    The California Department of Water signed a fixed-price, 10-year agreement to buy up to 1,400 Mw of electricity from a unit of Tulsa-based Williams, the company said Thursday. The contract is just the second long-term agreement reached between the state Department of Water Resources (DWR) and a private generator since the lawmakers authorized the state to get into the power purchasing business. Earlier, Calpine Corp. said it signed a 10-year $4.6 billion contract starting in October.
  • 02/22/2001 -- Statoil triples profits in run-up to partial privatization
    Statoil AS Chief Executive Olav Fjell Thursday reported that the Norwegian oil and gas company chalked up record pre-tax profit of 38.1 billion kroner ($4.3 billion) last year, nearly triple its yearend figure for 1999. Fjell called the result "very satisfactory," crediting it to higher oil prices and Statoil's improvement efforts.
  • 02/22/2001 -- California's January energy bill more than $5 billion
    California electricity prices declined in January from December, but were still high, compared to the $150/Mw-hr soft cap instituted in December, California Independent System Operator (ISO) market analysts reported Wednesday. January's energy and ancillary costs totaled $5.2 billion or $278/Mw-hr, down from $6.3 billion or $326/Mw-hr in December in the ISO control area, Anjali Sheffrin, director of market analysis said during the ISO board meeting.
  • 02/22/2001 -- Enterprise evaluating Howe prospect in UK North Sea
    UK independent Enterprise Oil PLC said Thursday that it is not closing any doors in deciding how it might develop its North Sea Howe prospect. Appraisal drilling has indicated a reservoir that could hold up to 55 billion bbl of oil. Exploration Manager Karen Leadbitter said that well data analysis would help "frame the shape and size" of the find.
  • 02/22/2001 -- Canadian minister says his nation could offset ANWR production
    Energy Minister Ralph Goodale said Canada's reserves are supply alternatives to the US opening the coastal plain of the Arctic National Wildlife Refuge to drilling. Goodale told a Calgary conference that Canada�s petroleum reserves in oil sands, the Arctic, and the East Coast offshore areas offer the US an alternative.
  • 02/21/2001 -- PanAfrican to reactivate Gabon field, finishes short pipeline
    PanAfrican Energy Corp. Ltd., St. Helier, Jersey, UK, is expanding its operations in Gabon. Formerly Ocelot International, it signed a concession agreement to reactivate the Rembou�ield. Chauvco Resources Ltd. shut in that field in 1998 due to low oil prices. PanAfrican also was completing a 6-in., 17-km, $2.2 million pipeline from its Obangue field to a nearby TotalFinaElf field.
  • 02/21/2001 -- AEC reports record earnings for 2000
    Alberta Energy Co. Ltd. (AEC), Calgary, reports record cash flow, earnings and product sales in fourth quarter 2000, and for the year as a whole. Increased production and strong commodity prices were major factors in earnings growth in 2000.
  • 02/20/2001 -- Queensland Gas Co. ahead of schedule
    Fledgling coalbed methane producer Queensland Gas Co. is well over 12 months ahead of its timetable to begin production from its leases in the Bowen basin of central east Queensland.
  • 02/16/2001 -- Russia's Tyumen oil completes privatization
    Tyumen Oil Co., one of Russia's largest four oil companies, has been fully privatized, a step the company said would improve its ability to grow and attract investment. Based on the terms of a December 1999 privatization auction, government-set investment requirements totaling $185 million were met.
  • 02/15/2001 -- China discovers coalbed methane in Shanxi province
    China United Coal Bed Methane Co. Ltd. (CUCBM) has a major coalbed methane discovery in the southern Qingshui basin of northern China's Shanxi province. The discovery was made in an area of 164 sq km with probable coalbed methane resources estimated at 40.2 billion cu m.
  • 02/15/2001 -- BG to invest $450 million in Tunisia over 9 years
    BG Group will invest another $450 million in Tunisia over the next 9 years, said the Organization of Petroleum Exporting Countries' news agency. BG has already spent $600 million in the country.
  • 02/15/2001 -- BG brings Rosetta on stream, finds pay with Sapphire-2
    BG Group said that it brought one Egyptian field on stream and found gas with another well. At the Rosetta concession off the Nile Delta, BG and its partners began delivering gas into the national grid Jan. 31. Sapphire-2 in West Delta Deep Marine concession tested at 33.2 MMcfd of gas.

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