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	Thursday January 24, 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]       Statoil Relinquishes Greenland License  Statoil has relinquished its exploration license in the Fylla area offhsore Greenland.  BG Revises Offer for Enron India  BG Group has revised its agreement for the purchase of the entire share capital of Enron Oil & Gas India Limited.    [IMAGE]   [IMAGE]  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 [IMAGE]      [IMAGE]     [IMAGE]  CNOOC Begins Exploration Offshore Hainan Province  CNOOC Ltd. has begun drilling the Dongfang 1-1 Well, the first in the offshore Dongfang field.  Murphy Optomistic About West Patricia  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  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  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.    [IMAGE]   [IMAGE]       Production [IMAGE]      [IMAGE]     [IMAGE]  Kvaerner Awarded  Escravos FEED Contract  Kvaerner has been awarded the FEED work for the Escravos Gas Project Phase 3 by NNPC/Chevron.    [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]      [IMAGE]     [IMAGE]  Remington Extends Two Gulf of Mexico Fields  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  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.    [IMAGE]   [IMAGE]       Last 7 Days Top Stories [IMAGE]      [IMAGE]     [IMAGE]  Drilling Operations Halted on West Navion  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  Pemex plans to concentrate spending on explortion and production projects in 2002.  Conoco Focuses on Indonesia    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  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  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  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  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  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  Sonatrach has awarded a joint venture of Saipem and Bouygues a $257 million oilfield development project in Algeria.  CNOOC Announces 2002 Strategy   In 2002, CNOOC will continue to focus on growing production, executing development plans and adding reserves through exploration.  Shell Hits Offshore Nigeria  Shell Nigeria has made a significant discovery in the deep waters offshore Nigeria.  Westcoast Energy Reaches Mileston! e in Mexico  Westcoast Energy announced has reached a major milestone in the development of the Campeche Natural Gas Compression Services Project in Mexico.    [IMAGE]   [IMAGE]       Upcoming Oil & Gas Industry Events [IMAGE]      [IMAGE]     [IMAGE]  Jan. 29    NAPE Expo 2002  Houston Feb. 6     Torch Mid-Winter Energy Conference  New York Feb. 7     Marine Constructi! on 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. 20    LNG North America  Houston Apr. 9     2002 SPE/ICoTA Coiled Tubing Conference and Exhibition  H! ouston  list your conference  view upcoming events   [IMAGE]   [IMAGE]    [IMAGE]    [IMAGE] [IMAGE]  Horizon Offshore  Global Completion Service  HoverDril  Baker Hughes   [IMAGE]   [IMAGE]   promote your company      [IMAGE] [IMAGE]  [IMAGE]  Offshore Field Development Guide - Indian Sub Continent, South East Asia, Australasia, Far East  [IMAGE] [IMAGE]  Interactive Drilling for Fast Track Oilfield Development  [IMAGE] [IMAGE]  Dictionary for the Petroleum Industry, 3rd Ed.  [IMAGE]  [IMAGE]   [IMAGE]   more products   [IMAGE]      [IMAGE] [IMAGE]  featured equipment:  North Africa Cooper LTO 750  [IMAGE]   Ambar Marine 26' Fast Rescue Boats  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Project Engineer  - Sr. Drilling Engineer  - Structural Engineer   more hot jobs >>   featured candidates:  - EPC Manager for Subsea Projects  - SR Technical ! Sales for Subsea Drilling Completions  - Subsea Engineer with International Experiences   search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IMAGE]   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)  [IMAGE]   [IMAGE]   view complete utilization report      [IMAGE] [IMAGE]  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  [IMAGE]   [IMAGE]    [IMAGE] 	[IMAGE]		
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