-- White House budget plan would overhaul federal oil and gas research The Bush administration's fiscal 2003 budget proposal would require the Department of Energy to overhaul how it funds oil and gas research.
The White House again would slash oil and gas research spending by 50%, a proposal that Congress overrode last year.
-- US drilling activity falls another six rigs in downward spiral US drilling activity continued to dwindle away with 853 rotary rigs working this week, 6 fewer than the previous week and down from 1,138 rigs a year ago when drilling activity was still on the rise. With lower commodity prices for oil and natural gas, the US rig count has spiraled downward for the last 6 months.
-- Kerr-McGee starts up deepwater Nansen field in Gulf of Mexico Kerr-McGee Oil & Gas Corp. began production at Nansen field in the deepwater Gulf of Mexico, using the world's first truss spar. Output is expected to ramp up to a peak of 40,000 b/d and 80 MMcfd in the fourth quarter. Kerr-McGee and Ocean Energy Inc. each have 50% of the project.
-- Falling oil price cuts TotalFinaElf profits 34% in fourth quarter The falling world oil price has hit the profits of the French TotalFinalElf Group, which said Wednesday its fourth quarter profits were 34% down on the same period last year. However, profits for 2001 of 7.5 billion euros ($6.4 billion) were in line with market expectations and only 2% less than last year.
-- Big business bugs Austria is seldom seen as an oil producer, but in the fertile corn fields northeast of Vienna there are wells thatmighthave been abandoned as uneconomic 5 years ago are still producing.
-- PanCanadian Energy sets $1.7 billion (Can.) budget for 2002 PanCanadian Energy Corp., Calgary, approved the second biggest budget in its history, $1.7 billion (Can.), to fund production growth from Canada's Western basin and reserve growth in offshore and international projects in 2002.