-- 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.
-- 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?
-- ONGC seeks to be global oil and gas player ONGC ChairmanSubir Raha"Our thrust to procure more oil and gas equity at a global level was made possible by the deregulation of the oil sector in India last year. Now we have reached a stage where we cannot afford to stagnate; we either have to grow or fall by the wayside."
-- Oman awards design engineering contract The Petroleum Development Oman (PDO) joint venture awarded Dutch engineering consultant Tebodin BV a 4-year contract to provide design-engineering services for PDO oil and gas developments.