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	Tuesday February 26, 2002	[IMAGE] 			
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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]       Helmerich/Payne Announces Spin Off  Helmerich & Payne Inc.will spin off its oil and gas production operations into a separate company named Cimarex Energy Co.  Rescuers Search for Missing Crew After US Tanker Collision  Rescue workers are searching for four men missing after a tug boat was in a collision with an oil tanker and sank in one of the busiest inland wa! terways in the United States.   GlobalSantaFe Sells 'Key Bermuda' To Nabors Drilling   GlobalSantaFe Corporation announced today it sold the Key Bermuda offshore jackup drilling rig to Nabors Drilling for $29 million in an all cash transaction.     [IMAGE]   [IMAGE]       Exploration [IMAGE]      [IMAGE]     [IMAGE]  ExxonMobil to Abandon Azerbaijan Well  ExxonMobil is to abandon its Nakhchivan-1 exploratory oil well in Azerbaijan's sector of the Caspian Sea after failing to find commercial reserves  Sasol Receives Approval to Explore for Natural Gas Offshore S. Africa  South African energy firm Sasol has received formal approval to look for natural gas off the country's west coast.    [IMAGE]   [IMAGE]       Production [IMAGE]      [IMAGE]     [IMAGE]  Kuwait's Burgan oilfield cuts production due to oil leak  Kuwait's Burgan oilfield recently cut its production by 60,000 barrels per day (bpd), which is equivalent to two thirds of its output, due to a leak at a nearby oil-gathering center.  OPEC Head: Oil Demand to Weaken   International oil demand is expected to be weak in the second quarter of this year.   K2 Energy Corp. Announced Major Shallow Gas Pools to be Developed   K2 Energy Corp. announced reverse circulation drilling technology yielded gas flows 57% to 100% higher than rotary air drilled wells.     [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]      [IMAGE]     [IMAGE]  Sale Completed for McMoRan Exploration Co certain Oil and Gas Properties  McMoRan Exploration Co. announced that its oil and gas exploration and production subsidiary, McMoRan Oil & Gas LLC, has completed sale of three oil and gas properties to a third party for $60 million.   ExxonMobil's Selects Gasoline Sulfur Removing Process   ExxonMobil announced today that a unit of Williams has selected EMRE's proprietary SCANfining(a)gasoline sulfur reduction process to be applied at their Memphis, Tennessee refinery.     [IMAGE]   [IMAGE]       Last 7 Days Top Stories [IMAGE]      [IMAGE]     [IMAGE]  Offshore Liftboat Sinks in the Gulf of Mexico  Nineteen rig workers were rescued from the choppy waters off the Alabama coast as the wreckage of the liftboat floated nearby.  Hydralift Acquires AmClyde  Hydralift ASA has entered into a contract to acquire substantially all of the assets and activities of AmClyde Engineered Products Company, Inc. from the bankruptcy estate of Friede Goldman Halter, Inc.  Tesco Awarded Algerian Drilling Contract  The Company has entered into an agreement with Steppe Forage, a major Algerian water well drilling contractor, to Casing Drill(TM) six water wells in western Algeria.  BP Renames Gulf of Mexico Discovery  BP announced it has retired the name Crazy Horse, and has re-nam! ed its major Gulf of Mexico discovery Thunder Horse.  Bollinger Shipyards to Build Three Supply/Utility Boats  Bollinger Shipyards has signed a contract to build three 145 foot supply/utility boats with Edison Chouest Offshore.  BJ Services Acquires OSCA, Inc.  BJ Services Company has signed a definitive merger agreement to acquire OSCA, Inc. for $28.00 per share.  BP Announces GOM Pipeline Construction Plans  BP announced plans for the construction of three large-diameter crude oil pipelines to transport oil from the company's major discoveries in the deepwater Gulf of Mexico.  Perenco Hits Offshore Gabon  Perenco announces a new oil discovery named Ompoyi, offshore Gabon.  Ocean Rig's Cost for the Eirik Raude Goes Up The most recent estimate show that the completion of the Eirik Raude  at the yard in Canada will result in increased costs compared to previous estimates.  Statoil Sets Framework for Subsea Contracts  Statoil is to enter into frame agreements with FMC Kongsbery Subsea AS, ABB Offshore Systems and Kvaerner Oilfield Products for the delivery of subsea systems.  PetroChina Interested in Husky Assets  PetroChina is considering a multi-billion dollar acquisition of the upstream business in Canada of Husky Energy Inc.  Pakistan and Iran Sign Pipeline MOU  Pakistan and Iran signed a memorandum of understanding to undertake a pre-feasibility study for a pr! oposed 1,600-mile Iran-India gas pipeline.    [IMAGE]   [IMAGE]       Upcoming Oil & Gas Industry Events [IMAGE]      [IMAGE]     [IMAGE]  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. 2     e-Business in the E?Industry - Target! ing the Value  Houston Apr. 7     CORROSION/2002  Denver Apr. 9     2002 SPE/ICoTA Coiled Tubing Conference and Exhibition  Houston May. 1     Nigeria Oil & Gas 2002  London  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]  2000 USA Oil Industry Directory  [IMAGE] [IMAGE]  Reservoir Formation Damage, Fundamentals, Modeling, Assessment, and Mitigation  [IMAGE] [IMAGE]  Introduction to! Offshore Safety and Survival, 2nd Ed.  [IMAGE]  [IMAGE]   [IMAGE]   more products   [IMAGE]      [IMAGE] [IMAGE]  featured equipment: Gardner Denver PZ-8s  [IMAGE]   Gardner Denver 1100E Drawworks  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Service Supervisor, Cementing Services   Job Code 4735  - Service Supervisor, Cementing Services   Job Code 4735  - Offshore Mechanic with at least 5 years experience.   more hot jobs >>   featured candidates:  - EXPERIENCED DRILLING CONSULSANT   - work history  - Production Operator Gulf of Mexico   search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IMAGE]   Drillships:  To 5000':   57.1% (8/14) +5000':   96.0% (24/25)  Semisubs:  2nd Gen:   70.8% (51/72) 3rd Gen:  82.0% (41/50) 4th Gen:   97.4% (37/38) 5th Gen:   85.7% (6/7)  Jackups:  To 200':   55.2%  (37/67) 200' MC:   41.7% (10/24) 200' MS:   14.3% (3/21) 300' IC:   90.6% (87/96) +300' IC:   94.4% (51/54) Severe Env.:   85.7% (18/21)  [IMAGE]   [IMAGE]   view complete utilization report      [IMAGE] [IMAGE]  Light Crude Oil:  $20.52/BBL  (-2.61%) Brent Crude Oil:  $19.97/BBL  (-1.87%) Natural Gas:  $2.29/MMBtu  (-6.53%) Unleaded Gasoline:  $0.56/gal  (-4.75%) prices from:  2/25/2002 change since:  2/22/2002  [IMAGE]   [IMAGE]    [IMAGE] 	[IMAGE]		
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