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Drilling Production 2002 P

  • 05/03/2002 -- US drilling activity increases for fourth consecutive week
    US drilling activity continued inching up for the fourth consecutive week, with 776 rotary rigs working, officials at Baker Hughes Inc., Houston, reported Friday.
  • 05/03/2002 -- US natural gas price behavior counterintuitive
    Natural gas prices are behaving in a counterintuitive way, and the outlook is for continued uncertainty.
  • 05/02/2002 -- US will likely face 'major' natural gas supply problems, analyst says
    So far this year, US natural gas production is declining faster than first anticipated, said Raymond James & Associates Inc. in a recent report. And with this fall in gas supplies, gas prices are expected to creep higher later in the year, RJA said: "For the past 6 months, our mantra. . .has been that natural gas will be the key driver of US energy stocks and that lower US natural gas supply will drive gas prices higher."
  • 05/01/2002 -- Rodríguez appointment locks Venezuela to OPEC policy
    In his first meeting with the press since being named president of Petroleos de Venezula SA, Alí Rodríguez Araque last week emphasized that Venezuela still firmly supports the objectives and decisions of the Organization of Petroleum Exporting Countries.
  • 05/01/2002 -- First 4 ¾-in. slimhole rotary steerable well drilled in North Sea field
    Shell UK Exploration & Production and Schlumberger Oilfield Services claim to have achieved a world first for the successful field test of a 4 ¾-in. slimhole rotary steerable drilling system in the North Sea. The field test was performed for Shell Expro, which operates in the UK North Sea on behalf of Shell and ExxonMobil Corp. subsidiary Esso, in Brent Delta field.
  • 05/01/2002 -- Independents begin production from three Gulf of Mexico blocks
    Three groups of independents have recently brought on stream new oil and natural gas production from three blocks on the Outer Continental Shelf in the Gulf of Mexico, reported interest owner Magnum Hunter Resources Inc., Irving, Tex. The blocks involved are East Cameron Block 184, South Timbalier Block 274, and Eugene Island Block 397.
  • 05/01/2002 -- Canadian Superior, El Paso to probe Nova Scotia waters
    Canadian Superior Energy Inc., Calgary, has entered into a joint venture with El Paso Oil & Gas Canada Inc., a unit of Houston-based El Paso Corp., to explore Canadian Superior's 100%-owned land holdings in the shallow waters of the Scotian shelf off Nova Scotia. Terms of the joint venture were not disclosed.
  • 04/29/2002 -- Analyst: US oil and gas industry entering long-term recovery
    Natural gas prices in the US will recover sharply this year. Next year promises to be a very good year for the number of drilling rigs working and for the use of coiled tubing services. Oil and gas supply and demand fundamentals in 2003 should yield replacement-cost pricing for rigs. These are all early signs of a long-term recovery beginning for the oil and gas industry.
  • 04/26/2002 -- US rig count climbs for third consecutive week
    The US rig count continued to climb for the third consecutive week, with an increase in drilling for natural gas, officials at Baker Hughes Inc., Houston, reported Friday.
  • 04/26/2002 -- Canadian gas supply strength could keep lid on gas price upturn
    Surprising strength in Canadian gas production may keep a lid on the US natural gas price recovery this year.
  • 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 -- UK hits offshore oil and gas producers with supplemental tax
    In a surprise move last week, UK tax officials applied the "stick" to offshore producers with an immediate new 10% supplementary tax on North Sea oil and gas profits, while hinting at a future "carrot" through possible abolishment of the 12.5% overriding royalty for older fields.
  • 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 -- Ziff: conventional natural gas supplies not enough to meet growing N. American demand
    Conventional natural gas supplies will not be enough to meet the North American market's demand for gas over the next decade. In the coming years, demand will have to be met through all industry players working together to expand North America's gas network as well as exploring for gas in various frontier areas of the US and Canada.
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