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Drilling Production 2002 P9

  • 04/02/2002 -- CNPC to invest $700 million in Sino-Russia oil pipeline
    State-owned China National Petroleum Corp. has earmarked $700 million to invest in a crude oil pipeline linking Russian oil production with refineries in northern China. Russian companies will invest another $1 billion in building the 2,400 km pipeline linking Angarsk oil field in Western Siberia's Irkutsk region with refineries near China's top producing oil field complex at Daqing.
  • 04/01/2002 -- Suncor's outage could make it miss 2002 oil sands production goal
    Last week's temporary outage at Suncor Energy Inc.'s oil sands facility in northern Alberta could prevent the company from reaching its 2002 production target. Partial production resumed Mar. 25 from the Suncor oil sands plant following a Mar. 20 power outage that interrupted the plant's operations for about an hour, Suncor reported.
  • 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 -- 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 -- 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.
  • 03/20/2002 -- 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.
  • 03/18/2002 -- Market watch: Energy futures mixed while OPEC maintains quota
    Energy futures prices were mixed in international markets Friday upon news that the Organization of Petroleum Exporting Countries agreed to maintain existing oil production quotas through June. The organization scheduled a special meeting June 26 in Vienna.
  • 03/15/2002 -- US rig count marks 29 weeks of decline
    US drilling activity continued to fall with 753 rotary rigs working this week, 16 fewer than the previous week and down from 1,151 during the same time a year ago when activity was climbing, said officials Friday at Baker Hughes Inc., Houston.
  • 03/15/2002 -- Market watch: OPEC solidarity firms oil futures prices
    Energy futures prices rose in international markets Thursday with more talk of possible US action against Iraq and indications that the Organization of Petroleum Exporting Countries will adhere to existing oil production quotas at a meeting today in Vienna.
  • 03/13/2002 -- Market watch: Energy futures mixed in nervous trading Tuesday
    Oil futures prices declined Tuesday after the International Energy Agency expressed caution about the current condition of the projected US economic recovery and downgraded its energy demand forecast.
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