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	Tuesday February 5, 2002	iOTC   				
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[IMAGE]		      [IMAGE]  [IMAGE]      In This Issue [IMAGE]      [IMAGE]     [IMAGE]    Current Oil and Gas Industry News T! op Stories for the Past 7 Days Featured Events and Conferences What's in Store - Books & More     Featured Employment Opportunities Surplus Oilfield Equipment For Sale Worldwide Offshore Rig Utilization Oil & Gas Prices    [IMAGE]   [IMAGE]       Industry Headlines [IMAGE]      [IMAGE]       Kuwaiti Oil Minister Offers to Step Down  Kuwaiti members of parliament have called for the resignation of the entire government following last week's explosion at an oil plant where four workers were killed and sixteen were injured.  Kvaerner and Aker Form Shipbuilding Company  Kvaerner and Aker RGI will establish a jointly owned shipbuilding management company.! Together, the two groups own 12 shipyards in Europe, and one in the USA and Brazil.    [IMAGE]   [IMAGE]  advertisement  Welcome to the world of Thuraya, where communication knows no boundaries. Thuraya provides mobile satellite telephony to 99 countries throughout Europe, North and Central Africa, the Middle East, Central Asia and the Indian Sub-continent. With a combination of cellular and satellite phone capabilities bolstered by GPS and data features, Thuraya provides the total communications solution you've been looking for.   Click for more...            Exploration [IMAGE]      [IMAGE]     [IMAGE]  ONGC Not In Management Talks with BG   ONGC said on Monday it was not in talks with BG Group or any other firm to help it operate three oil and gas fields in which Enron is selling its 30 percent stake.  Woodside Increases Reserves with Enfield Well   Successful testing of the Enfield 4 appraisal well has raised expectations of a major new development in Woodside Energy's WA-271-P permit off the west coast of Western Australia.  West Navion Experiences More Delays  Operations on the drill ship, West Navion, offshore Canada continues to be suspended, due to repair work on the main sheaves in the RamRig derrick.    [IMAGE]   [IMAGE]            Production [IMAGE]      [IMAGE]     [IMAGE]  Pr! oduction From Okono Field Starts in Record Time  Eni started production in record time at the Okono field offshore Nigeria.  Maritimes Files for Expansion of Nova Scotia Pipeline System  The $250 million expansion project, designated Phase IV, will allow Maritimes to nearly double its capacity to transport natural gas from offshore Nova Scotia to markets in the northeastern United States.    [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]      [IMAGE]     [IMAGE]  Novus Increases Stake in Padre Island Project  Novus Petroleum Ltd has increased its equity level in the Padre Island Project, Texas, from a 30% to a 40% working interest.  Cabot Oil & Gas Announces Management Change  C! abot Oil & Gas Corporation announced that Thomas S. Liberatore has been appointed to the position of Regional Manager, East.  Torch Rig Services Acquires Grayson Services  Torch Rig Services Company has acquired Grayson Services, a provider of heavy equipment for well service, plugging and abandonment operations.    [IMAGE]   [IMAGE]  advertisement  Mark your calender!  On  Wednesday, February 6th, access to Rigzone's  premium Gulf of Mexico Drilling Permit and Plans database will be open to all rigzone members and website visitors.  Additionally, HR managers and Industry recruiters will have unlimited free access to the Rigzone Career Center.  Take a test drive, we think you will like what you find.           Last 7 Days Top Stories [IMAGE]      [IMAGE]     [IMAGE]  BP Could Cut Jobs in the North Sea  BP is considering cutting some of its 3,600 Aberdeen-based workforce in a bid to control rising costs.  Anadarko Plans to Spend $2 Billion in 2002  Anadarko Petroleum Corporation said that its board of directors has approved an initial capital spending budget of $2 billion for 2002 this is down from the $3.3 billion approved for 2001.  AEC and PanCanadian Confirms Merger Plans  Alberta Energy Company and PanCanadian join forces in a "merger of equals" that will create one of North America's largest independent energy companies.  Technip Coflexip Lands Brunei Development Project  Technip-Coflexip has recently been awarded a contract by Brunei Shell Petroleum Co. for its Egret Phase 1 Ga! s Development Project, offshore Brunei.  OPEC Expects To Increase Market Domination  OPEC's oil production and its domination of the oil market are expected to increase gradually over the next two decades, with the group's output rising to more than 50% of global oil demand by 2020, a recent OPEC study says.  Amerada Hess Hits Offshore Equatorial Guinea  Amerada Hess Corporation reported that it has made another significant oil discovery offshore Equatorial Guinea in the Rio Muni Basin.  Woodside Hits with Enfield-4 Appraisal Well   Woodside Petroleum Ltd said its Enfield-4 appraisal well offshore Western Australia had found oil.  Petro-Canada Acquires Veba Assets  Petro-Canada announ! ced that it has agreed to acquire the international oil and gas operations of Veba Oil & Gas Gmbh from Veba and BP p.l.c. for a price of Cdn $3.2 billion in cash.   Honeywell Lands Belanak Contract  Honeywell Industry Solutions has been selected as the automation supplier for the Belanak oil field development project in Indonesia.   Venezuelan Field Falls Short of Expectations  The consortium operating Venezuela's LL-652 field large fourth-quarter write-downs as the block continues to fall short of expectations.  McMoRan Successful at Mound Point #2 Well  This well confirms McMoRan's exploration concept for the Mound Point area which is one of the largest geologic structures in the shallow waters offshore Louisiana.  Gulf Marine Wins Matterhorn TLP Topsides Project  Technip-Coflexip Group announced that Atlantia Offshore Limited has awarded Gulf Marine Fabricators a fabrication contract for the Matterhorn dry-tree TLP topsides facility and foundation piles.    [IMAGE]   [IMAGE]       Upcoming Oil & Gas Industry Events [IMAGE]      [IMAGE]     [IMAGE]  Feb. 6     Torch Mid-Winter Energy Conference  New York Feb. 7     Marine Construction 2002  Houston Feb. 10   2002 SPE International Petroleum Conference & Exhibition in Mexico  Villahermosa  Feb. 26    2002 IADC/SPE Drilling Conference and Exhibition   Dallas Feb. 26    Offshore Oil and Gas Safety Seminars  Aberdeen Feb. 27    Human Resources in Oil! & Gas  Aberdeen Mar. 10    AAPG Annual Meeting  Houston Mar. 17    Oil Field Chemistry Symposium - 13th International  Geilo Mar. 20    LNG North America  Houston Apr. 9     2002 SPE/ICoTA Coiled Tubing Conference and Exhibition  Houston  list your conference  view upcoming events   [IMAGE]   [IMAGE]   	[IMAGE]	   [IMAGE] [IMAGE]  Click here to go to Baker Hughes  AADE  Global Completion Service  HoverDril  Ocean International   [IMAGE]   [IMAGE]   promote your company      [IMAGE] [IMAGE]  [IMAGE]  Mobile Drilling Units of the World CD-ROM  [IMAGE] [IMAGE]  D & D Standard Oil Abbreviator, 4th Edition  [IMAGE] [IMAGE]  Rotary Rig Safety Inspection Checklist  [IMAGE]  [IMAGE]   [IMAGE]   more products   [IMAGE][IMAGE][IMAGE]featured equipment: Derrick Shale Shaker  [IMAGE]   ! National 110 M  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Completion Specialist  - Project Mgr. - Drilling Engineer  - Pipeline Engineer   more hot jobs >>   featured candidates:  - Coil Tubing Drilling  - Production Supervisor Offshore Oil & Gas  - Cost Control Specialist   search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IMAGE]   Drillships:  To 5000':   50.0% (7/14) +5000':   96.0% (24/25)  Semisubs:  2nd Gen:   69.9!  (51/73) 3rd Gen:   86.0% (43/50) 4th Gen:   97.4% (37/38) 5th Gen:   100.0% (7/7)  Jackups:  To 200':   53.7%  (36/67) 200' MC:   58.3% (14/24) 200' MS:   14.3% (3/21) 300' IC:   88.5% (85/96) +300' IC:   92.6% (50/54) Severe Env.:   90.5% (19/21)  [IMAGE]   [IMAGE]   view complete utilization report      [IMAGE] [IMAGE]  Light Cru! de Oil:  $19.89/BBL  (-2.40%) Brent Crude Oil:  $19.80/BBL  (-0.90%) Natural Gas:  $2.10/MMBtu  (-1.41%) Unleaded Gasoline:  $0.58/gal  (-3.33%) prices from:  2/4/2002 change since:  2/1/2002  [IMAGE]   [IMAGE]   	[IMAGE]	

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