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Drilling Production 2002 P8

  • 04/24/2002 -- BP chief warns of likely repercussions from UK tax increase
    A new increase in UK taxes will strip £600 million/year ($869 million) out of the North Sea industry, likely triggering layoffs and a drop in oil and gas production, BP PLC Chief Executive John Browne warned Tuesday.
  • 04/23/2002 -- IADC: Management must equate safety with profits
    Rodney R. Foreman, Principal Safety Representative, El Paso Production Co. "Management is responsible for protecting the company's investment in people and property. Management will accomplish this by demonstrating that safety is equal to production and profits."
  • 04/22/2002 -- Global fleet of coiled tubing units more than doubled in last 10 years
    Coiled tubing is living up to earlier predictions as one of the fastest-growing oil field technologies, with the global fleet of coiled tubing units having more than doubled over the last 10 years, officials at Raymond James & Associates Inc. reported Monday.
  • 04/19/2002 -- Increases in onshore, gas drilling help to boost US rig count slightly
    Increases in drilling onshore and gas drilling have helped to strengthen the US rig count for the second week in a row. US drilling activity increased by 2 rigs this week, with 749 rigs reported working in the US and its waters, Houston-based Baker Hughes Inc. said Friday. The US active rig count stood at 1,213 a year ago.
  • 04/19/2002 -- OPEC production restraint now looming as market threat
    If OPEC doesn't boost production soon, oil markets will have something to worry about regardless of problems in Iraq and Venezuela.
  • 04/18/2002 -- IEA: Oil markets' response to supply outages muted
    Despite Iraq's Apr. 8 announcement of a 30-day suspension of oil exports and turmoil at Petroleos de Venezuela SA in Venezuela, the oil market has responded in a muted fashion, according to the International Energy Agency, because such events were already incorporated into a "geopolitical risk premium."
  • 04/18/2002 -- MMS issues final notice for western Gulf of Mexico lease sale
    The US Minerals Management Service issued a final notice for western Gulf of Mexico Lease Sale 184, scheduled for Aug. 21 in New Orleans.
  • 04/17/2002 -- Market watch: Oil price rise fueled by Chávez reinstatement, API data
    Oil futures prices continued to ascend Tuesday, drawing strength from the reinstatement Monday of Venezuelan President Hugo Chávez, who was temporarily forced from office last Friday under military pressure. With news of Chávez's return, traders and analysts expect Venezuela's restraint on oil production to remain unchanged.
  • 04/16/2002 -- Tulsa conference discusses advances in improving oil recovery
    Oil recovery factors for many of the world's oil fields have improved over the years, but implementing new technologies, expanding existing technologies to other reservoirs, and understanding the processes better can improve recovery further. That can be gleaned from many of the papers presented at the Society of Petroleum Engineers and US Department of Energy 13th Symposium on Improved Oil Recovery this week in Tulsa.
  • 04/16/2002 -- Long-term impacts of Chavez return uncertain
    Uncertainty clouds the outlook for Venezuela's oil policy in the wake of last week's abortive coup.
  • 04/15/2002 -- Market watch: Oil energy futures fall, then rebound on Venezuelan upheaval
    Oil futures prices began a rebound today after dropping sharply at the end of last week when Venezuelan President Hugo Chavez resigned under military pressure and a transitional government was named for what proved to be less than 48 hr.
  • 04/12/2002 -- US rig count ascends again, aided by increased land drilling
    US drilling activity increased this week by 9 rigs, with 747 rotary rigs reported drilling in the US and its waters, Baker Hughes Inc., Houston, said Friday. A year ago, the US rig count stood at 1,198.
  • 04/09/2002 -- Olympic Peru gears up for first sales of nonassociated gas
    US-based Olympic Peru Inc plans to begin its first commercial sales of nonassociated gas by mid-April, when it expects to have its final technical certificate from Osinerg, Peru's organization for the supervision of the energy industry.
  • 04/08/2002 -- EIA says summer gasoline prices likely lower than last year
    US gasoline pump prices for spring and summer 2002 are expected to average $1.46/gal, about 8¢ lower than last year's average of $1.54/gal, according to new Energy Information Administration projections. But EIA cautioned that tightening oil markets worldwide have already moved gasoline prices up rapidly this spring from winter lows.
  • 04/05/2002 -- Interior, industry says support waning for lease swapping proposals
    US government and industry officials said support in Congress is waning for various lease "swapping" proposals now being considered as the Senate deliberates a comprehensive energy bill this spring. Senators from Louisiana and California wanted to see legislation that closed a decades-old, billion-dollar dispute.
  • 04/05/2002 -- US drilling activity resumes its downward spiral
    US drilling activity declined this week, wiping out last week's gain that was the first after 9 weeks of straight losses, officials of Baker Hughes Inc., Houston, reported Friday. There were 738 rotary rigs drilling in the US and its waters this week, 23 fewer than last week and down from 1,200 a year ago.
  • 04/04/2002 -- Market watch: Energy futures prices undergo corrections
    Energy futures prices regressed Wednesday as international markets adjusted from earlier spikes this week. The May contract for benchmark US sweet, light crudes dropped 15¢ to $27.56/bbl on the New York Mercantile Exchange, while the June position lost 18¢ to $27.66/bbl.
  • 04/03/2002 -- Talisman produces first oil from Hannay field in North Sea
    Talisman Energy (UK) Ltd., a unit of Talisman Energy Inc., Calgary, reported bringing Hannay field on production in the central North Sea. The field—which lies on UK Continental Shelf Block 20/5c about 13.5 km northwest of the Talisman-operated Buchan Alpha facility—is producing 15,000 b/d of oil from a single well, which is constrained by limits on the Buchan facility, Talisman reported.
  • 04/03/2002 -- US natural gas production decline accelerating, analyst contends
    US natural gas production is on the decline, and the decline is accelerating rapidly, according to preliminary results of a Raymond James & Associates Inc. first quarter survey of 30 of the largest US natural gas producers.
  • 04/02/2002 -- Several variables behind 50%+ jump in US natural gas prices since mid-February
    Several variables have resulted in natural gas prices rising by more than 50% on the New York Mercantile Exchange since mid-February. Chief among them are a 30% spike in crude oil prices, tensions in the Middle East, and concerns over US nuclear power capacity.

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