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Drilling Production 2002 P10

  • 03/11/2002 -- Lehman Bros. cuts tanker charter hire rate forecasts and earnings estimates
    Lehman Bros. Inc. has reduced its tanker charter hire rate forecasts and slashed its earnings estimates for the group of shipping companies it tracks by 60-75% in 2002 and 33-55% in 2003, based upon a relatively flat oil demand outlook.
  • 03/11/2002 -- Senate energy debate expected to generate more controversy
    New tax incentives designed to spur US oil and gas production are expected to be one of the last items the Senate tackles this spring as it moves to pass sweeping energy legislation, according to congressional sources and industry lobbyists. Part of the Senate bill includes a bipartisan $14 billion energy tax proposal that includes about $4 billion in credits and incentives for the oil and gas industry.
  • 03/08/2002 -- Baker Hughes: US drilling activity continues decline
    Drilling activity in the US has continued to decline, with rotary rigs down 13 from a week ago—reaching 769 this week—and down from 1,158 rigs during the same period last year, officials said Friday at Baker Hughes Inc., Houston.
  • 03/08/2002 -- Petrobras, Halliburton let contracts for subsea production systems off Brazil
    Petroleo Brasiliero SA and Halliburton KBR let contracts totaling $16 million to FMC Technologies Inc., Houston, for the supply of subsea production solutions for fields off Brazil.
  • 03/06/2002 -- Shell, Sinopec wrapping up Northwest China basins geological studies
    China Petroleum & Chemical Corp. (Sinopec) and Royal Dutch/Shell Group plan to complete in April a geological study of five blocks in northwestern China's Tarim and Ordos basins.
  • 03/05/2002 -- Imperial Petroleum acquiring Warrior Resources
    Imperial Petroleum Inc., Evansville, Ind., has assumed management and board control of Warrior Resources Inc., Dallas, after buying enough shares to bring Imperial's stake in Warrior to 35.6%. Imperial also announced a merger agreement in which Warrior is to be merged into a subsidiary of Imperial.
  • 03/05/2002 -- Market watch: Oil markets hang on hopes of continued Russian production cuts
    Oil futures prices continued to move upwards Monday amid speculation that Russia would likely continue its oil production cut of 150,000 b/d through June.
  • 03/01/2002 -- US drilling activity continues to fall, led by declines in land, gas operations
    US drilling activity continued to decline, with 782 rotary rigs working this week, 10 less than last week and down from 1,151 during the same period last year when the rig count was then climbing toward a peak of 1,293 in early August, officials said Friday at Baker Hughes Inc., Houston.
  • 02/28/2002 -- Pebercan's Cuban development yields another hefty producer
    Montreal-based Pebercan Inc. has reported another hefty producer in its development of Cuba's Canasi oil field. Its Canasi No. 5 well, drilled to 3,705 m TD and completed late last year, penetrated two successive hydrocarbon pools totaling 1,472 m of gross pay.
  • 02/28/2002 -- Phillips UK starts up Jade field, latest to join HTHP ranks
    Phillips Petroleum Co. UK Ltd., a unit of Phillips Petroleum Co., said Thursday that production of 60 MMcfd of natural gas and 4,500 b/d of oil has begun from high-pressure, high-temperature Jade field in the UK North Sea. Phillips and its partners expect to reach peak production of 200 MMscfd of gas and 16,000 b/d of oil in the third quarter.
  • 02/27/2002 -- Battle brewing over BLM Utah drilling permit
    The White House is bracing for what could be a protracted battle with environmental groups and some agency officials who object to industry plans to expand drilling near Arches National Park in Utah. An official with the Department of the Interior's Board of Land Appeals halted drilling, even though BLM earlier approved a permit for the Dome Plateau area, east of the park.
  • 02/27/2002 -- Nabors to acquire Enserco for $252 million in cash and debt
    Houston-based oil and gas contract driller Nabors Industries Inc. said Wednesday it would acquire integrated energy services company Enserco Energy Service Co. Inc., Calgary, in a deal worth $252 million plus $36.9 million (Can.) in assumed debt.
  • 02/25/2002 -- Low gas prices continue to undermine US drilling activity
    US drilling activity continued to plunge, dropping 23 rotary rigs last week with 792 still working, down from 1,121 during the same period last year, said officials at Baker Hughes Inc., Houston.
  • 02/25/2002 -- GlobalSantaFe's worldwide SCORE remains flat
    Offshore drilling contractor GlobalSantaFe Corp., Houston, reported its worldwide Summary of Current Offshore Rig Economics (SCORE) for January dropped by 0.2% from the previous month.
  • 02/25/2002 -- Open markets
    As policy-makers look to avoid another Enron Corp. mess, the regulatory spotlight could turn toward improving energy market transparency.
  • 02/21/2002 -- Shell's Brutus TLP shut in for repairs
    Shell Exploration & Production Co. (Sepco) has confirmed it shut in its Brutus tension leg platform (TLP) on Feb. 12 because of valve failures in the production processing system. During the shutdown, work will be initiated to expand the platform's oil production capacity to 130,000 b/d from 60,000 b/d.
  • 02/19/2002 -- DOE selects 2 new technical aid projects for independents
    The US Department of Energy Monday added 2 new projects to its ongoing program to help smaller independents test higher-risk technologies that may boost production from marginal wells. Woolsey Petroleum Corp., Wichita, and Tenneco Energy LLC, Wheat Ridge, Colo., received grants.
  • 02/19/2002 -- MMS issues final notice for central Gulf of Mexico lease sale
    The US Minerals Management Service issued a final notice for central Gulf of Mexico Lease Sale 182, scheduled for Mar. 20 in New Orleans. The sale will offer 4,447 unleased blocks covering 23.4 million acres on the gulf's Outer Continental Shelf off Louisiana, Mississippi, and Alabama.
  • 02/15/2002 -- Decline of land gas drilling still pulls down US rig count
    The continued downward spiral of land drilling activity dragged down the weekly US rig count, Baker Hughes Inc., Houston, reported Friday.
  • 02/14/2002 -- Industry officials expect oil and gas markets to rebound in last half of 2002
    Industry executives and analysts apparently are convinced that both international oil and US natural gas markets will rebound in the second half of this year.

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