Exploration Development 2002 P

01/25/2002 -- TotalFinaElf, Yukos to explore Shatsky Ridge area in Black Sea
Russian company Yukos and a unit of French firm TotalFinaElf SA formed a joint venture Friday to explore and develop the Shatsky Ridge area in the Russian portion of the Black Sea.
01/25/2002 -- Conoco budgets $2.8 billion for 2002 operations, flat with last year
Conoco Inc. plans to spend $2.8 billion on its operations this year, about the same as in 2001. Officials said 82% of that budget is for upstream operations, especially in North America, the UK, and Southeast Asia.
01/24/2002 -- Pakistan to auction interests in nine fields in April
Pakistan will proceed Apr. 15 with a long-delayed auction for its working interests in nine oil and gas fields, said the Privatization Commission. The commission previously expected to hold that auction last summer.
01/23/2002 -- PJM, Midwest ISO agreement raises question of FERC response
PJM's decision to link up with the Midwest Independent Transmission System Operator Inc., instead of New York and New England, caught some industry participants off guard and raises questions about the federal government's response.
01/23/2002 -- Marathon, Unocal make gas discovery on Kenai Peninsula
Marathon Oil Co. discovered a gas field in its Ninilchik prospect on Alaska's Kenai Peninsula, the company said Wednesday. Grassim Oskolkoff No. 1 is the first exploration well drilled in the Ninilchik exploration unit, under a joint exploration agreement between Marathon and Unocal Corp.
01/23/2002 -- BG Group PLC to buy Enron Indian assets at reduced price
BG Group PLC unveiled a revised agreement Wednesday to buy all of Enron Oil & Gas India Ltd. from Enron Corp., Houston, for a reduced price of $350 million.
01/22/2002 -- Sonatrach group awards development contract to Saipem-Bouygues JV
Algerian oil and gas company Sonatrach and its partners Monday awarded a $257 million contract to a joint venture of Saipem SPA and Bouygues Group for development of oil reserves in the Berkine basin in southeastern Algeria.
01/21/2002 -- Conoco to build 750 Mw cogeneration plant in the UK
Conoco Global Power (UK) Ltd., a unit of Conoco Inc., Houston, Monday said it will build a 730 Mw cogeneration plant next to its Humber refinery in the UK. Construction of the combined heat and power (CHP) plant is expected to begin immediately with completion projected by 2004. The announcement comes at a time electricity prices are falling in the UK market.
01/21/2002 -- Egypt to supply $8 billion of LNG to France over 20 years
Egypt has signed an $8 billion, 20-year agreement to supply Gaz de France SA with 3.6 million tonnes/year of gas. The contract paves the way for a BG Group PLC-led $900 million project to develop Egyptian liquefied natural gas supplies.
01/17/2002 -- Wyoming Oil & Minerals to acquire New Frontier Energy
Wyoming Oil & Minerals Inc., Casper, Wyo., has agreed to acquire New Frontier Energy Inc., a Rocky Mountain exploration and development company.
01/17/2002 -- Statoil, ExxonMobil swap exploration license interests off Norway
Statoil ASA and ExxonMobil Corp. have exchanged interests in exploration licenses on the Norwegian continental shelf.
01/17/2002 -- Appraisals boost oil reserves for Buzzard discovery in UK North Sea
Two appraisal wells have raised reserves estimates for the Buzzard oil discovery in the UK North Sea to more than 400 million bbl from 200-300 million bbl.
01/16/2002 -- UK offers 300 blocks, approves revival of first offshore oil field
Argyll, the first oil field to be developed in the UK North Sea, is expected to return to production 11 years after it was closed as uneconomic. The announcement came as the UK government offered 300 blocks in its 20th licensing round.
01/16/2002 -- Environmental, religious groups launch ads opposing ANWR drilling
A new coalition of environmental and religious groups Wednesday announced a media campaign designed to stiffen public opposition to drilling in the Arctic National Wildlife Refuge and US dependence on foreign oil.
01/15/2002 -- Husky Energy outlines 2002 capital spending, most for upstream sector
Husky Energy Inc., Calgary, plans $1.4 billion (Can.) in capital spending for 2002. Most of the money, $1.2 billion, will be spent on upstream activities, including $975 million in Western Canada.
01/15/2002 -- Delta Petroleum to acquire US properties of Castle Energy
Delta Petroleum Corp., Denver, has agreed to buy all the US oil and gas properties of Castle Energy Corp., Radnor, Pa., for $20 million in cash and 9.6 million shares of Delta common stock. The agreement does not include Castle's Romanian activities.
01/14/2002 -- Citing downturn, Anadarko halves capital spending to $2 billion for 2002
Anadarko Petroleum Corp., Houston, plans a 2002 capital spending budget of $2 billion -- 50% of 2001 capex. John N. Seitz, president and CEO of Anadarko, said it's the wrong time in the price cycle to increase production. Anadarko plans to buy back stock, build reserves, and expand its drilling location inventory.
01/14/2002 -- S&P's 2002 electricity outlook weak; stronger for oil and gas producers
Standard & Poor's Monday reported a negative near-term outlook for electric companies and the natural gas industry, even though the ratings agency expects earnings to increase modestly in 2002. S&P suggested investors will switch from the utility sector in the search for better returns. But the energy sector may offer investors 'some upward surprises,' S&P said.
01/14/2002 -- Lukoil reports reserves jumped 942 million boe last year
OAO Lukoil has reported it increased reserves 942 million boe in 2001, mostly from discoveries in the Caspian Sea and Timan-Pechora province.
01/11/2002 -- Crescent Petroleum completes studies for Qatar-to-Pakistan pipeline
Sharjah-based Crescent Petroleum Co. International Ltd. has completed feasibility and engineering studies for the proposed $3 billion Qatar-to-Pakistan offshore gas pipeline, said the Organization of Petroleum Exporting Countries' news agency Friday.

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Exploration Development 2002 P