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	Tuesday
February 5, 2002	iOTC <http://www.iotcnet.org> 		
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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

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Surplus Oilfield Equipment For Sale
Worldwide Offshore Rig Utilization
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Industry Headlines	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Kuwaiti Oil Minister Offers to Step Down <http://www.rigzone.com/news/article.asp?a_id=2547>
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 <http://www.rigzone.com/news/article.asp?a_id=2545>
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.

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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ONGC Not In Management Talks with BG  <http://www.rigzone.com/news/article.! asp?a_id=2548>
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  <http://www.rigzone.com/news/article.asp?a_id=2544>
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 <http://www.rigzone.com/news/article.asp?a_id=2540>
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.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Pr! oduction From Okono Field Starts in Record Time <http://www.rigzone.com/news/article.asp?a_id=2549>
Eni started production in record time at the Okono field offshore Nigeria.

Maritimes Files for Expansion of Nova Scotia Pipeline System <http://www.rigzone.com/news/article.asp?a_id=2542>
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.

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Company & Financial News	  <http://www.rigzone.com/images/email/title! _Corner.gif>	
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Novus Increases Stake in Padre Island Project <http://www.rigzone.com/news/article.asp?a_id=2546>
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 <http://www.rigzone.com/news/article.asp?a_id=2543>
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 <http://www.rigzone.com/news/article.asp?a_id=2541>
Torch Rig Services Company has acquired Grayson Services, a provider of heavy equipment for well service, plugging and abandonment operations.

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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	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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BP Could Cut Jobs in the North Sea <http://www.rigzone.com/n! ews/article.asp?a_id=2507>
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 <http://www.rigzone.com/news/article.asp?a_id=2526>
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 <http://www.rigzone.com/news/article.asp?a_id=2492>
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 <http://www.rigzone.com/news/article.asp?a_id=2496>
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 <http://www.rigzone.com/news/article.asp?a_id=2514>
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 <http://www.rigzone.com/news/article.asp?a_id=2509>
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  <http://www.rigzone.com/news/article.asp?a_id=2503>
Woodside Petroleum Ltd said its Enfield-4 appraisal well offshore Western Australia had found oil.

Petro-Canada Acquires Veba Assets <http://www.rigzone.com/news/article.asp?a_id=2500>
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 <http://www.rigzone.com/news/article.asp?a_id=2510>
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 <http://www.rigzone.com/news/article.asp?a_id=2502>
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 <http://www.rigzone.com/news/article.asp?a_id=2528>
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 <http://www.rigzone.com/news! /article.asp?a_id=2519>
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.

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Feb. 6 	Torch Mid-Winter Energy Conference <http://www.rigzone.com/news/event_detail.asp?event_id=196>	New York	
Feb. 7 	Marine Construction 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. 17 	Oil Field Chemistry Symposium - 13th International <http://www.rigzone.com/news/event_detail.asp?event_id=224>	Geilo	
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.rig! zone.com/news/event_detail.asp?event_id=41>	Houston	
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  <http://www.rigzone.com/images/spacer.gif>	featured equipment:	
Derrick Shale Shaker <http://www.rigzone.com/market/surplus_listing.asp?eq_id=331>	
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more hot jobs >> <http://www.rigzone.com/jobs/hot_jobs.asp>	
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  <http://www.rigzone.com/images/email/title_tab_RigUtil! .gif>	
  <http://www.rigzone.com/images/spacer.gif>	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)	
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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 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	
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