-- Interoil Corp. to spud well in Papua New Guinea InterOil Corp., a Canadian company with corporate headquarters in The Woodlands, Tex., said that a drilling rig to be used to drill the Moose prospect has arrived in Papua New Guinea.
-- Thai Shell subsidiary cuts 2003 spending Royal Dutch/Shell Group cut back spending for its oil development project in Thailand this year by nearly 12% from 2002's level, company officials said.
-- East Timor, Australia give nod to Timor Sea projects Australian officials and the newly independent East Timor have signed the Timor Sea Treaty which covers natural gas to be produced from Bayu-Undan field in the Joint Petroleum Development Area.
-- Platform en route to Elf Nigeria's Amenam, Kpono fields Fabrication is complete on Elf Petroleum Nigeria Ltd.'s 12,125 tonne Amenam-Kpono AMP1 production platform, en route on its 7,360-mile journey from J. Ray McDermott SA's Jebel Ali fabrication facility in Dubai to Amenam field 19 miles off Nigeria.
-- Western Australia Rocky Mountain Minerals Inc., Prescott, Ariz., has acquired 25% interest in two petroleum exploration permits, WA-322-P and WA-329-P, in the highly productive Northwest Shelf area of the Carnarvon basin.
-- Unocal Thai unit outlines development plans for Gulf of Thailand properties The Thai unit of Unocal Corp., Unocal Thailand Ltd., and its partners said they have earmarked nearly $300 million for natural gas development in the Gulf of Thailand in a bid to sustain production. This amount is slightly less than what was spent by the group to complete the development of North Pailin gas field (OGJ Online, July 8, 2002).
-- Oil price collapse around corner? Not likely The mind reels: $40/bbl oil looms on the horizon, natural gas futures top $11/Mcf, heating oil futures set a record above $1.15/gal, and odds grow that gasoline prices will hit a record in the spring. Yet oil and gas companies still sit on their budgets, and investors continue to snub the universe of petroleum-related stocks. What gives?