February racked up a near-record price in the oil futures market, based on a combination of Middle East war worries, Venezuela's strike, the first sustained cold US winter of the decade, and low US inventories of oil and petroleum products, officials at Oil Price Information Service (OPIS), Lakewood, NJ, reported last week.
After waiting 5 years for the Bureau of Indian Affairs (BIA) to approve a Bureau of Land Management (BLM) request that a parcel be made available for leasing and after being unable to have land in the Farmington district of the BLM put up for leasing for the past 21/2 years, I was surprised by the title of your article (OGJ, Jan. 27, 2003, p. 30)
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?
American Aero Cranes / Titan Industries
New Orleans, has appointed David Crouser as vice-president of finance and accounting, and Terry J. Hoffman as director of engineering.
Since the beginning of 2003, Russia's oil pipeline monopoly AK Trans- neft has demonstrated its growing influence, resisting pressure from oil companies and winning support from key government officials, including Prime Minister Mikhail Kasyanov.
Despite the recent successes of Russia's oil industry, one of that country's dynamic new players, Tyumen Oil Co. (TNK), contends that the failure to implement a viable production-sharing regime is damaging the industry and its efforts to attract foreign investment.
Leaders in the Republican-led US Congress say they want a comprehensive energy bill to become law before Labor Day (Sept. 1). Last year, a bill died after being mired in election-year maneuvering.
The Canadian oil and natural gas industry's 2002 treasury financings totaled $9.98 billion (Can.)—the highest level in a decade—said Sayer Securities Ltd., an investment firm specializing in oil and gas mergers and acquisitions.
The UK oil and gas industry is at the halfway stage of development, with "at least as much oil and gas to produce as has already been produced," said James May, director general of UK Offshore Operators Association Ltd. (UKOOA), at the annual Institute of Petroleum meeting last month in London.
Oil and natural gas companies plan to increase worldwide exploration and development spending by 4.8% to $136 billion in 2003 compared with 2002, although potential exists for spending to increase considerably more in the second half, a recent poll said.
Oil and natural gas companies expect to increase US and Canadian drilling and spending plans, but spending on workovers and seismic services likely will remain flat, UBS Warburg LLC said in its monthly PatchWork Survey.
With the cooperation of Madagascar's OMNIS, TGS-Nopec and a consortium operated by Xpronet Inc. acquired a test seismic survey in late 2001. The program was designed to answer the following questions:
Coiled-tubing fracturing provides a way to stimulate multiple coal seams economically and effectively in the Black Warrior basin in Alabama, according to Joseph Legenza of Halliburton Energy Services, Tuscaloosa, Ala., in an account of the technology provided to Oil & Gas Journal.
Average Asia refining margins deteriorated in 2002 from previous year levels. The last quarter of 2002 was an exception, however, which could be a turning point for Asia refining margins.
Welding tests in advance of construction of China's West-East Pipeline indicated that an overmatch between a girth weld and line pipe metal would improve limit load properties and strengthen fracture resistance of the line pipe.
