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Exploration Development 2001 P20

  • Fri Feb 02 15:02:00 CST 2001 -- Sinopec more than doubled 2000 spending
    China Petroleum & Chemical Corp. (Sinopec) raised spending to $6.78 billion in 2000 as compared with $2.74 billion in 1999. Nearly three-quarters of the budget was spent on oil and gas exploration and development, upgrading refining and ethylene units, and acquisition of oil retail facilities from local companies.
  • Fri Feb 02 09:02:00 CST 2001 -- New California power law suspends retail competition
    California Gov. Gray Davis signed a measure passed Thursday appropriating $500 million from the general revenue fund for future electricity purchases and allowing the state to issue revenue bonds to buy power under long-term contracts. The bill suspends the ability of retail customers to select alternative providers of electricity for as long as the state is in the power purchasing business and prohibits the Water Resource Department from signing new contracts after. Jan. 1, 2003.
  • Fri Feb 02 00:02:00 CST 2001 -- New energy at UK DTI
    The appointment of UK Foreign and Commonwealth Office Minister of State Peter Hain to the post of Minister for Energy on Jan. 24-part of the Labour government's emergency cabinet reshuffle prompted by the resignation of Northern Ireland Sec. Peter Mandelson-brings a character in every likelihood very different from Helen Liddell into the Department of Trade & Industry to handle oil and gas issues.
  • Wed Jan 31 16:01:00 CST 2001 -- 'Virtual' method for generating drilling prospects unveiled at NAPE
    BP and Schlumberger Ltd. unveiled a new means of generating oil and gas prospects via the internet at the opening Wednesday of the ninth annual North American Prospects Expo in Houston. The new service, with the trademarked designation of VirtualProspect, is the 'next step toward creation of the virtual oil company,' officials said.
  • Mon Jan 29 17:01:00 CST 2001 -- El Paso Energy completes merger with Coastal Corp.
    El Paso Energy Corp. completed its $24 billion merger with The Coastal Corp. on Monday to create the fourth largest US energy company with a total value of more than $50 billion, officials said. The US Federal Trade Commission authorized the merger after the company agreed to divest interests in five pipeline systems and other assets.
  • Mon Jan 29 12:01:00 CST 2001 -- San Alberto project on stream in Bolivia
    Partners in San Alberto field south of Tarija in Bolivia brought the first development phase on stream in early January. Partners in the gas development project are operator Petrobras Bolivia SA�a unit of Petroleo Brasileiro SA�with 35%; TotalFinaElf SA with 15%; and Empresa Petrolera Andina SA, 50%.
  • Mon Jan 29 10:01:00 CST 2001 -- PetroChina to cut 2001 crude output by 1.4%
    China's largest crude producer, PetroChina Co. Ltd., will lower its crude production 1.4% to 102.5 million tonnes this year. The lower production is due to the crude output stabilizing at Daqing field, PetroChina 's largest, which produced 53 million tonnes last year.
  • Fri Jan 26 11:01:00 CST 2001 -- South Korean companies to explore Nuevo block
    Two South Korean companies, state-owned Korea National Oil Corp. and international conglomerate SK Corp., combined to acquire a 25% interest in Nuevo Energy Co.'s 1.9 million acre Accra-Keta permit off Gabon, said Nuevo. Houston-based Nuevo will retain operatorship and 50% interest in the permit.
  • Wed Jan 24 14:01:00 CST 2001 -- India looks west to build homegrown production
    Shri Ram Naik, India's Minister of Petroleum and Natural Gas, is on a self-described 'oil mission' to reduce his nation's heavy dependence on oil and gas imports by boosting indigenous production. India's 1-billion-plus population is expected to consume $17.5 billion of energy this year.
  • Mon Jan 22 11:01:00 CST 2001 -- Gaz de France, Sonatrach, Petronas to explore Algerian basin
    Gaz de France SA has contracted with Algeria's Sonatrach and Malaysia's Petronas to explore for 3 years a 17,000 sq km area in the Ahnet basin, south of In Salah in Algeria's Saharan desert. GdF anticipates the exploration phase will cost 25 million-41 million euros.
  • Mon Jan 22 10:01:00 CST 2001 -- ONGC Videsh to explore Iraqi field
    Indian company ONGC Videsh Ltd. signed a contract to explore an Iraqi oil field, said the Organization of Petroleum Exporting Countries' news agency. OPECNA said the award of the contract for the exploration of Block 8 in Iraq's western desert is dependent on work being performed during the United Nations trade embargo.
  • Mon Jan 22 10:01:00 CST 2001 -- PetroChina still seeking investors in gas pipeline
    PetroChina Co. Ltd. is still seeking investment in its proposed 4,150 km gas pipeline from Xinjiang in Western China to Shanghai in eastern China. About 60 foreign companies bought the information package from PetroChina at the end of last year. After an initial appraisal of investment bids, PetroChina will shortlist bidders.
  • Fri Jan 19 13:01:00 CST 2001 -- Norton says Bush to push for ANWR opening
    Interior Sec. nominee Gale Norton made it clear, in confirmation hearings that ended Friday, that President-elect George Bush will honor his campaign pledge to open the Arctic National Wildlife Refuge coastal plain to oil exploration. She said the administration expects to impose a number of rules to limit environmental impacts.
  • Thu Jan 18 11:01:00 CST 2001 -- Cairn makes third gas find on Western India block
    Cairn Energy Thursday said it had a third gas find on Block CB-OS/2, off Gujarat in Western India. Exploration well CB-B-1, about 6 km southeast of the UK independent's recent Lakshmi gas discovery, reached a TD of 1,286 m, encountering several hydrocarbon pay zones below 753 m.
  • Thu Jan 18 11:01:00 CST 2001 -- Pakistan adopts offshore E&D incentives
    The Pakistan government approved a package of offshore exploration and development incentives Jan. 17. The incentives will apply to new and existing licenses for 5 years. The government hopes alterations of exploration periods, import duties and taxes, corporate income taxes, and royalties will induce more companies to invest.
  • Wed Jan 17 17:01:00 CST 2001 -- Electricity blacked out in northern California
    Northern California's Silicon Valley slipped into darkness Wednesday, the first to feel the effect of rotating outages ordered by the California Independent System Operator because of dangerously low electricity supplies. The California ISO requested Pacific Gas & Electric Co. to curtail 400 Mw of power to firm customers and separately asked a municipal utility and irrigation district to cut 100 Mw.
  • Wed Jan 17 13:01:00 CST 2001 -- Rolling blackouts still a possibility in California
    Rolling blackouts are likely Wednesday and possibly Thursday and Friday, California grid operator officials said during a morning briefing. With reserves down to less than 2%, Jim Detmers, managing director of operations, for the California Independent System Operator, warned 'that is the point we anticipate going into rotating outages. We have come almost to the end of the road.'
  • Wed Jan 17 11:01:00 CST 2001 -- MMS increases offshore oil, gas estimates
    The US Minerals Management Service has increased its assessment of undiscovered offshore resources 65% for conventionally recoverable oil and 35% for gas. The latest estimate is 75 billion bbl and 362.2 tcf. The agency uses the estimates in its management of the Outer Continental Shelf leasing program.
  • Tue Jan 16 11:01:00 CST 2001 -- Coastal sues Florida for value of lease
    Coastal Petroleum Co. Tuesday sued Florida for the value of a state lease it holds in the Gulf of Mexico, saying that by denying it a drilling permit, the state is taking its property without compensation. It asked the court to determine the fair market value of the 60-year-old state lease.
  • Tue Jan 16 10:01:00 CST 2001 -- Lundin hikes capital spending by half
    Lundin Oil AB said Monday its board had approved a capital budget of $108 million, up 46% over last year. The bulk of the money will be spent on the company's development activities in Libya and the Asia-Pacific area. The Swedish company plans to spend $83 million on its En Naga oil development on Area NC177 in Libya, where exploration is ongoing, and the Phase 2 oil and gas project on Block PM3 CAA off Malaysia/Vietnam.
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