Western gulf sale generates less money for more tracts
Interests were almost evenly divided between shallow and deep waters at the federal oil and natural gas Lease Sale 184 held last week in New Orleans, which drew apparent high bids of $151.3 million out of a total $181.6 million bid by 44 participating companies on 323 of the 4,102 tracts offered in the western Gulf of Mexico.
Analysts claim early peak in world oil production
The world is drawing down its oil reserves at an unprecedented rate, with supplies likely to be constrained by global production capacity by 2010, "even assuming no growth in demand," said analysts at Douglas-Westwood Ltd., an energy industry consulting firm based in Canterbury, England.
Watching Government: Good and evil
When does a country stop being an axis of evil? In the oil business, that's a delicate question that demands frequent visitation.
Williams continues to divest assets, align balance sheet
Williams Cos. Inc. is continuing to divest itself of certain assets in an effort to shore up its balance sheet. Earlier this month, the Tulsa-based energy company announced a plan to resolve some of its liquidity problems (OGJ Online, Aug. 13, 2002).
PERSONNEL MOVES AND PROMOTIONS:
Panaco, Tag Oil, CNOOC name new leaders
Houston-based independent oil and gas exploration company Panaco Inc., Tag Oil Ltd. of Vancouver, BC, and Chinese company CNOOC Ltd. have all recently named new leaders.
North Sea evolution to track Gulf of Mexico model
The North Sea (for purposes of this article the UK, Norway, and Denmark) produced about 6.5 million b/d of oil in 2001, representing about 14% of non-OPEC (Organization of Petroleum Exporting Countries) production. Even with high depletion rates and declining field size, the North Sea will continue to be a sizable producer of crude oil for the foreseeable future.