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	Thursday
January 24, 2002	 <http://www.sonsub.com/> 		
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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

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Industry Headlines	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Statoil Relinquishes Greenland License <http://www.rigzone.com/news/article.asp?a_id=2464>
Statoil has relinquished its exploration license in the Fylla area offhsore Greenland.

BG Revises Offer for Enron India <http://www.rigzone.com/news/article.asp?a_id=2458>
BG Group has revised its agreement for the purchase of the entire share capital of Enron Oil & Gas India Limited.

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advertisement	
A National-Oilwell designed, 1992 built modular offshore drilling rig is available for sale direct from the manufacturer. This rig drilled only 5 wells from the Draugen platform in the Norwegian sector of the North Sea. Click on the link below for full details, photos and seller contact information: 

<http://www.rigzone.com/market/surplus_listing.asp?eq_id=397> 

	

Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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CNOOC Begins Exploration Offshore Hainan Province <http://www.rigzone.com/news/article.! asp?a_id=2462>
CNOOC Ltd. has begun drilling the Dongfang 1-1 Well, the first in the offshore Dongfang field.

Murphy Optomistic About West Patricia <http://www.rigzone.com/news/article.asp?a_id=2466>
Murphy Oil had positive results from its appraisal well on the West Patricia oil prospect offshore Sarawak in east Malaysia.

Marathon Makes Discovery in Alaska <http://www.rigzone.com/news/article.asp?a_id=2460>
Marathon oil has made a significant discovery on its Ninilchik Prospect located approximately 35 miles south of Kenai, Alaska.

Meridian Acquires Additional Acreage in Louisiana <http://www.rigzone.com/news/article.asp?a_id=2459>
The Meridian Resource Corporation recently closed on the purchase of a major land rights position covering over 190,000 acres located in the Company's focus area of south Louisiana.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Kvaerner Awarded Escravos FEED Contract <http://www.rigzone.com/news/article.asp?a_id=2463>
Kvaerner has been awarded the FEED work for the Escravos Gas Project Phase 3 by NNPC/Chevron.

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Remington Extends Two Gulf of Mexico Fields <http://www.rigzone.com/news/article.asp?a_id=2465>
Remington Oil and Gas has successfully completed two offshore field extensions and expects both 4th quarter and 2002 production volumes to fall in line with prior guidance.

GlobalSantaFe Reports 2001 Results <http://www.rigzone.com/news/article.asp?a_id=2461>
GlobalSantaFe Corp. posted a 71 percent drop in fourth-quarter earnings as merger-related costs weighed on its results, but its rev! enues rose on strong international drilling activity.

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Last 7 Days Top Stories	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Drilling Operations Halted on West Navion <http://www.rigzone.com/news/article.asp?a_id=2427>
Drilling operations on the West Navion have been halted for the next 2-3 weeks so the rig can undergo an inspection of its derrick.

Pemex Increases Exploration Spending in 2002 <http://www.rigzone.com/news/article.asp?a_id=2435>
Pemex plans to concentrate spending on explortion and production projects in 2002.

Conoco Focuses on Indonesia  <http://www.rigzone.com/news/article.asp?a_id=2422>
Conoco expects to spend over $2.5 billion in Indonesia during the next nine years, as part of planned investment of $3.4 billion between 1998 and 2010.

U.S. Approv! es Deepwater Royalty Relief <http://www.rigzone.com/news/article.asp?a_id=2405>
Gale Norton, Secretary of the Interior, announced that oil and gas companies drilling in Gulf of Mexico deepwater will be given royalty reductions.

Kerr-McGee Sells Ecuadorian Assets <http://www.rigzone.com/news/article.asp?a_id=2436>
Kerr-McGee has agreed to sell two oil lease concessions and its stake in a pipeline project in Ecuador to Perenco.

CNOOC Acquires Repsol-YPF's Indonesian Assets <http://www.rigzone.com/news/article.asp?a_id=2428>
CNOOC has acquired Repsol-YPF's Indonesian assets for US $585 million in cash. This acquisition will make CNOOC the largest offsohre oil producer in Indonesia.

CNOOC Jackup Leaves China <http://www.rigzone.com/news/article.asp?a_id=2414>
CNOOC secured the first contract for overseas service as an independent contractor in the international drilling market.

PGS A! warded $58 Million in New Contracts <http://www.rigzone.com/news/article.asp?a_id=2424>
Petroleum Geo-Services ASA announced that its onshore division has secured new seismic acquisition contracts in the United States, Ecuador, India and Bangladesh valued at $58 million.

Bouygues/Saipem Awarded Algerian Contract <http://www.rigzone.com/news/article.asp?a_id=2457>
Sonatrach has awarded a joint venture of Saipem and Bouygues a $257 million oilfield development project in Algeria.

CNOOC Announces 2002 Strategy  <http://www.rigzone.com/news/article.asp?a_id=2429>
In 2002, CNOOC will continue to focus on growing production, executing development plans and adding reserves through exploration.

Shell Hits Offshore Nigeria <http://www.rigzone.com/news/article.asp?a_id=2455>
Shell Nigeria has made a significant discovery in the deep waters offshore Nigeria.

Westcoast Energy Reaches Mileston! e in Mexico <http://www.rigzone.com/news/article.asp?a_id=2447>
Westcoast Energy announced has reached a major milestone in the development of the Campeche Natural Gas Compression Services Project in Mexico.

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Upcoming Oil & Gas Industry Events	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Jan. 29 	NAPE Expo 2002 <http://www.rigzone.com/news/event_detail.asp?event_id=220>	Houston	
Feb. 6 	Torch Mid-Winter Energy Conference <http://www.rigzone.com/news/event_detail.asp?event_id=196>	New York	
Feb. 7 	Marine Constructi! on 2002 <http://www.rigzone.com/news/event_detail.asp?event_id=166>	Houston	
Feb. 10 	2002 SPE International Petroleum Conference & Exhibition in Mexico <http://www.rigzone.com/news/event_detail.asp?event_id=35>	Villahermosa	
Feb. 26 	2002 IADC/SPE Drilling Conference and Exhibition  <http://www.rigzone.com/news/event_detail.asp?event_id=37>	Dallas	
Feb. 26 	Offshore Oil and Gas Safety Seminars <http://www.rigzone.com/news/event_detail.asp?event_id=214>	Aberdeen	
Feb. ! 27 	Human Resources in Oil & Gas <http://www.rigzone.com/news/event_detail.asp?event_id=194>	Aberdeen	
Mar. 10 	AAPG Annual Meeting <http://www.rigzone.com/news/event_detail.asp?event_id=21>	Houston	
Mar. 20 	LNG North America <http://www.rigzone.com/news/event_detail.asp?event_id=201>	Houston	
Apr. 9 	2002 SPE/ICoTA Coiled Tubing Conference and Exhibition <http://www.rigzone.com/news/event_detail.asp?event_id=41>	H! ouston	
list your conference <http://www.rigzone.com/news/post_event.asp?action=INSERT>	view upcoming events <http://www.rigzone.com/news/event_home.asp>	
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  <http://www.rigzone.com/images/spacer.gif>	featured equipment:	
North Africa Cooper LTO 750 <http://www.rigzone.com/market/surplus_listing.asp?eq_id=114>	
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Ambar Marine 26' Fast Rescue Boats <http://www.rigzone.com/market/surplus_listing.asp?eq_id=419>	
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  <http://www.rigzone.com/images/spacer.gif>	featured jobs: 	
-Project Engineer <http://www.rigzone.com/jobs/job_posting.asp?p_id=935>	
-	Sr. Drilling Engineer <http://www.rigzone.com/jobs/job_posting.asp?p_id=983>	
-	Structural Engineer <http://www.rigzone.com/jobs/job_posting.asp?p_id=953>	
more hot jobs >> <http://www.rigzone.com/jobs/hot_jobs.asp>	
featured candidates: 	
-	EPC Manager for Subsea Projects <http://www.rigzone.com/jobs/resume.asp?r_id=10164>	
-	SR Technical ! Sales for Subsea Drilling Completions <http://www.rigzone.com/jobs/resume.asp?r_id=10121>	
-	Subsea Engineer with International Experiences <http://www.rigzone.com/jobs/resume.asp?r_id=1616>	
search for candidates >> <http://www.rigzone.com/jobs/search_resume.asp>	
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  <http://www.rigzone.com/images/spacer.gif>	Drillships:	
To 5000': 	50.0%	(7/14)	
+5000': 	92.0%	(23/25)	
Semisubs:	
2nd Gen: 	68.5%	(50/73)	
3rd Gen: 	! 86.0%	(43/50)	
4th Gen: 	100.0%	(38/38)	
5th Gen: 	100.0%	(7/7)	
Jackups:	
To 200': 	58.2%	(39/67)	
200' MC: 	58.3%	(14/24)	
200' MS: 	14.3%	(3/21)	
300' IC: 	87.5%	(84/96)	
+300' IC: 	88.9%	(48/54)	
Severe Env.: 	81.0%	(17/21)	
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view complete utilization report <http://www.rigzone.com/data/utilization_trends.asp>	

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  <http://www.rigzone.com/images/spacer.gif>	Light Crude Oil: 	$19.49/BBL 
(6.27%)	
Brent Crude Oil: 	$19.12/BBL 
(2.03%)	
Natural Gas: 	$2.08/MMBtu 
(-1.89%)	
Unleaded Gasoline: 	$0.56/gal 
(1.82%)	
prices from: 	1/23/2002	
change since: 	1/22/2002	
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