Drilling Production 2002 P

04/01/2002 -- South Korea advances toward first commercial hydrocarbon production
South Korea's Korea National Oil Corp. (KNOC) continues to advance toward bringing natural gas on stream from Donghae-1 gas field in the Ulleung basin 60 km off Ulsan. Once the field is on line, it would mark the country's first commercial oil and gas production.
04/01/2002 -- Peru postpones Tractebel gas distribution contract
Peru's energy and mines ministry last week postponed the signing of a build, own, operate, and transfer (BOOT) contract until further notice with Belgium's Tractebel SA for the concession and distribution of natural gas from the Camisea project through pipelines in metropolitan Lima and Callao. Preliminary work on the project's transmission pipeline and development program, meanwhile, continues.
04/01/2002 -- US rig count increases after 9 weeks of consecutive declines
US drilling activity increased last week after 9 weeks of consecutive declines, said officials at Baker Hughes Inc. In addition, the number of US rigs drilling for natural gas increased for the first time this year, up 4 to 609.
04/01/2002 -- Apache finds more oil in Egypt's Western Desert, brings 11th producing concession on line
Apache Corp. has announced its second oil discovery on the East Bahariya concession in Egypt's Western Desert. Elsewhere in Egypt the company has started oil and natural gas production from its Ras Kanayes lease. Apache now has 11 producing concessions in Egypt.
04/01/2002 -- Gulf of Mexico deepwater oil production hits record level
US deepwater production in the Gulf of Mexico again hit record levels last year, with an estimated 335 million bbl of oil and 1.18 tcf of gas, said officials of the US Minerals Management Service.
03/27/2002 -- Angola positioned to be second largest African oil producer
Oil companies will spend $20 billion developing deep waters off Angola during the next 5 years, positioning the West Africa nation to become Africa's second largest oil producer. Oil production there "will overtake that of Libya by 2006," according to the Centre for Global Energy Studies.
03/27/2002 -- ExxonMobil's concrete drilling structure moved from Alaska to Russian Far East
Crowley Marine Services Inc., Seattle, has moved the 312 sq ft concrete island drilling structure Orlan from Prudhoe Bay, Alaska, to Sovietskaya Gavan in the Russian Far East for Sakhalin I Project operator, Exxon Neftegas Ltd. (ENL), a subsidiary of ExxonMobil Corp.
03/27/2002 -- Market watch: Falling US stocks strengthen energy futures prices
Energy futures prices rebounded Tuesday in anticipation of another bullish report on US petroleum inventories. The May contract for benchmark US sweet, light crudes gained 37¢ to $25.36/bbl on the New York Mercantile Exchange.
03/25/2002 -- Natural gas prices rise on nuclear outages, drought
Natural gas prices have gotten a boost from concerns about safety at some US nuclear plants and upon drought conditions on the US East Coast, said analysts with RBC Dain Rauchers Inc., a subsidiary of RBC Capital Markets. The Davis-Besse nuclear plant in Oak Harbor, Ohio, will be off line longer than originally expected because of corrosion caused by leaking boric acid in the reactor vessel head, said FirstEnergy Nuclear Operating Co., a subsidiary of FirstEnergy Corp., Akron, Ohio.
03/22/2002 -- US drilling activity declines in Gulf of Mexico
US drilling activity continued its downward slide, pushed primarily by the fall off of activity in the Gulf of Mexico, industry specialists said Friday. The number of rotary rigs drilling in the US and its waters was down by 3 to 750 this week, compared to a rig count of 1,163 during the same period last year.
03/22/2002 -- IEA lowers slightly its global oil demand forecast for 2002
Despite recent news and statistics indicating recovery of the US economy, IEA has slightly lowered its forecast of worldwide oil demand for 2002.
03/22/2002 -- Petroleum stimulus
President George W. Bush signed an economic stimulus package earlier this month designed to jump-start business investment that also gives the oil industry some targeted tax relief.
03/21/2002 -- Canadian majors backing new technology to slash costs of pipelining heavy crudes
Several major companies are backing a Canadian pilot project that could reduce the cost of transporting heavy oil via pipeline and increase market penetration of Canadian heavy crudes in the US. Ensyn Petroleum Canada Inc. is planning a $4 million, 1,000 b/d pilot plant in Alberta to demonstrate technology that could substantially reduce the need for costly diluent used in pipelining heavy crude. Enbridge Inc. and Conoco Canada, both of Calgary, are providing support for the Ensyn project.
03/21/2002 -- Mariner Energy begins production from King Kong-Yosemite project in Gulf of Mexico
Mariner Energy Inc., Houston, has begun production from its King Kong-Yosemite project in the Gulf of Mexico. The project flowed at a rate of 140 MMcfd as of Mar. 19 and was expected to reach platform capacity of 150 MMcfd with the addition of a third well.
03/21/2002 -- Nine companies pay $959 million for expanded Norwegian offshore stake
Norway's Ministry of Petroleum and Energy has sold a 6.5% stake of the country's offshore reserves to nine companies. A total of 30 licenses were sold as part of a sale of the State's Direct Financial Interest (SDFI), Norwegian officials said. Buyers were Norsk Hydro AS, TotalFinaElf SA, Royal Dutch/Shell Group, Conoco Inc., Marathon Oil Co., Paladin Resources Norway AS, Gaz de France, Idemitsu Co. and DONG AS.
03/20/2002 -- Sakhalin I consortium hires Parker Drilling to build and operate rig
The multinational Sakhalin I consortium, led by ExxonMobil Corp., has hired Parker Drilling Co., Houston, to build and operate an advanced, special-purpose rig to drill extended-reach wells to offshor
03/20/2002 -- Syncrude production starts up from Sincor project in Venezuela
First production of "Zuata Sweet" syncrude has been reached from the $4.2 billion Sincor project in Venezuela, reported TotalFinaElf SA, a main shareholder in the project.
03/20/2002 -- New steel tariff could trigger similar action on OCTG, analysts and pipe producers say
NS Group Inc. Pres. and CEO René J. Robichaud
03/19/2002 -- TotalFinaElf brings Phases 2 and 3 of Iran's South Pars gas field on stream
Synopsis: TotalFinaElf SA has brought on stream Phases 2 and 3 of the South Pars natural gas development project in the Persian Gulf off Iran. Development costs for the field, which lies in 70 m of water, reached a total of $2 billion.
03/19/2002 -- Market watch: Oil price rise fueled by OPEC's restraint, recovering US economy
The Organization of Petroleum Exporting Countries' show of solidarity in the group's most recent meeting to maintain oil production quotas drove up oil futures prices Tuesday. Also, signs of a recovering US economy—such as consumer spending and manufacturing output—helped to firm crude oil and products prices.

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Drilling Production 2002 P