Drilling Production 2002 P

02/01/2002 -- MMS seeks comments on floating production systems standards
The US Minerals Management Service proposed a rulemaking to incorporate by reference into its regulations nine standards regarding floating production systems.
02/01/2002 -- 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.
02/01/2002 -- Rowan completes purchase of Oilfield-Electric-Marine assets
Rowan Companies Inc. completed the purchase of assets of Oilfield-Electric-Marine Inc. and Industrial Logic Systems Inc. for $8 million in Rowan stock.
02/01/2002 -- 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.
01/31/2002 -- El Paso cuts 2002 earnings projections on lower gas prices
Pipeline operator and energy marketer El Paso Corp. reported 2001 earnings of $93 million, or 18¢/share, after a $1.6 billion nonrecurring charge for its merger with Coastal Corp. and other items. The company lowered its 2002 earnings projections to $3.30-$3.45/share from $3.40-$3.55/share on lower than expected gas prices.
01/31/2002 -- Atlantia awards Matterhorn topsides contract to Technip-Coflexip affiliate
Atlantia Offshore Ltd. has let contract to Gulf Marine Fabricators, part of the Paris-based Technip-Coflexip Group, to build the topsides for the tension-leg platform to be installed on TotalFinaElf SA's Matterhorn development in the US Gulf of Mexico.
01/30/2002 -- 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.
01/29/2002 -- Petro-Canada to pay $3.2 billion (Can.) in cash for Veba international assets
Petro-Canada, Calgary, agreed to acquire the international oil and gas operations of Veba Oil & Gas GMBH for $3.2 billion (Can.) cash.
01/28/2002 -- Conoco, TotalFinaElf bring Syrian associated gas project to full capacity
Conoco Inc. and TotalFinaElf SA have brought the $400 million Desgas associated gas project in eastern Syria's Deir Ez Zor region to full capacity of 13 million cu m/day, said TotalFinaElf.
01/28/2002 -- IADC chief optimistic about drilling rebound later this year
C. Stedman Garber Jr., the new International Association of Drilling Contractors chairman, expects the demand for rigs to increase later this year.
01/25/2002 -- Offshore rig utilization rose this week, but total US drilling activity is down
The number of mobile offshore rigs under contract in the Gulf of Mexico increased by 6 this week, but total US drilling activity was down 10 rigs to 859, industry officials said Friday.
01/25/2002 -- US House to reschedule hearings on Chad-Cameroon pipeline project
A US House of Representatives committee will review testimony from industry, policymakers, and other stakeholders on the latest developments regarding a controversial $3.5 billion oil development project in Chad later this year, a key lawmaker said Friday. The hearing was originally scheduled for Sept. 11, 2001.
01/25/2002 -- Petro-Canada is bringing new Terra Nova field to full production
Petro-Canada, operator of the $2.8 billion (Can.) Terra Nova field off Newfoundland, said production from the newly opened field continues to increase.
01/25/2002 -- 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.
01/24/2002 -- Syncrude Canada achieves 81.4 million bbl of production in 2001
Oil sands joint venture Syncrude Canada Ltd. blamed maintenance issues for lower-than-expected production in 2001. The company produced 81.4 million bbl of syncrude from Athabasca oil sands bitumen in northern Alberta in 2001, up 10% from 2000 but down from the expected 90-94 million bbl.
01/24/2002 -- Veba's Hanze field on stream at 31,500 b/d, two-thirds of Dutch oil production
Veba Oil & Gas Netherlands BV is producing 31,500 b/d from its recently developed Hanze field, representing almost two-thirds of Dutch oil production.
01/23/2002 -- Kværner Enercon to perform FEED contract for portion of Escravos project
Nigerian National Petroleum Corp. and Chevron Nigeria Ltd. awarded Kværner Enercon Inc. a front-end engineering design contract for part of the Escravos gas project Phase 3.
01/23/2002 -- US offshore operators, Coast Guard, fishermen to discuss security issues
The Offshore Operators Committee is working with the US Coast Guard, commercial fishermen, and other industry groups to improve anti-terrorist security for oil and gas operations in the Gulf of Mexico and other US waters.
01/23/2002 -- ExxonMobil's disappointing 2001 upstream earnings buoyed by downstream record
ExxonMobil Corp.'s 2001 upstream earnings of $10.4 billion were down 16% from 2000, but downstream earnings increased 24% to a record high of $4.2 billion. Lower crude prices, down 18%, depressed the upstream sector.
01/23/2002 -- Unocal to spend $440 million in Thailand in 2002
Unocal Corp. will spend $440 million in Thailand this year, mostly to maintain gas output at 1 bcfd.

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Drilling Production 2002 P