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	Monday March 25, 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]       PDVSA Employees and Government Meet At Negotiating Table  Employees of PDVSA returned to work on Friday as protesting company and government representatives worked to achieve a negotiated solution.  BP Cutting 500 North Sea Jobs  BP said Friday that it will cut 500 jobs, or about 16% of its employees located in the United Kingdom.   !  [IMAGE]   [IMAGE]    Landmark Graphics Releases SpecDecomp   Landmark Graphics Corporation has released SpecDecomp(TM), a new, innovative reservoir imaging and interpretation technology solution. SpecDecomp provides greater resolution of reservoir boundaries, heterogeneities and thickness than previously possible with traditional broadband seismic displays.  For more information click here .          Exploration [IMAGE]        [IMAGE]     [IMAGE]  Pertamina May Give Partial Interest in Natuna to Petronas  Pertami! na said it was ready to give up a 13% stake in Natuna D-Alpha natural gas field to Petronas.  Unocal Tests Giant Discovery Offshore Indonesia  Unocal Corporation has successfully tested an appraisal well on the giant deepwater Gendalo-Gandang gas field complex offshore Indonesia.  Apache Makes Three Discoveries Offshore Australia  Apache Corporation announced three new Flag Sandstone oil discoveries in the Carnarvon Basin offshore Western Australia.    [IMAGE]   [IMAGE]       Production [IMAGE]      [IMAGE]     [IMAGE]  TotalFinaElf Puts Carina Gas Project on Hold  TotalFinaElf has put development of its Carina and Aries natural gas project off the southern coast of Argentina on hold.  Snohvit Development On Hold  Statoil has been informed that the position between the Norwegian government and the Efta Surveillance Authority (ESA) on the Snohvit development in the Barents Sea remains unclarified.  Xihu Trough Development Project Starts Up  CNOOC Limited announced that the development of Xihu Trough in the East China Sea has been inaugurated.    [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]      [IMAGE]     [IMAGE]  Medco Energi Plans to Invest $314 Million In Oil Exploration  PT Medco Energi said it will spend $314 million by the end of 2003 for oil exploration, drilling and acquisitions.  Spinnaker Exploration To Sel! l 5 Million Shares  Spinnaker Exploration Company intends to publicly offer and sell 5,000,000 newly issued shares of its common stock.  Remington Issues 3 Million Shares  Remington Oil and Gas Corporation has issued three million shares of its common stock in an offering consummated after the close of the market on March 21, 2002.  Apache Changes Independent Auditors  Apache Corporation has filed its 2001 10-K with the Securities and Exchange Commission. The company has also started searching for a new independent auditing firm for 2002 to replace Arthur Andersen.    [IMAGE]   [IMAGE]     Last 7 Days Top Stories [IMAGE]        [IMAGE]     [IMAGE]  Halliburton May Divide Into Separate Business U! nits  Halliburton Co. may separate into two independent subsidiaries by midyear.  Murphy Awards Front Runner Contract  Murphy  has awarded a contract to J. Ray McDermott to construct a Floating Production System for the Front Runner Project.  Hugo Chavez Could Order Army to Run PDVSA  Venezuelan President Hugo Chavez said on Sunday he would order the armed forces to take over PDVSA if protesting executives and employees tried to halt the company's operations through a strike action.  Ocean Rig Sells Two Baredecks to Noble Drilling  Ocean Rig has agreed to sell its two baredeck hulls to Noble Drilling for US $45 million.  Noble Drilling Purchases Two Semisubmersibles  Noble D! rilling has agreed to purchase two semisubmersible drilling rigs, the Transocean 96 and Transocean 97 for $31 million in cash.  Kerr-McGee Increases 2002 Budget by 15%  Kerr-McGee Corp. has increased its capital budget for exploration and production development projects by 15%, or $120 million, to approximately $900 million.  Brazil To Fund New Exploration Research  ANP has over $430 million designated for research in Brazil, including the gathering of geological data and seismic prospecting which is normally handled by Petrobras.  Spinnaker Higher Bidder of 40 GOM Blocks  Spinnaker participated in a total of 56 bid submissions, second most by industry for OCS Sale #182.  Unocal Adds to GOM Acr! eage  Unocal was apparent high bidder for interests in 18 blocks in the Central Gulf of Mexico OCS Lease Sale No. 182.  Kerr-McGee Scores with Navajo   Kerr-McGee Corp. announced three oil and gas discoveries on separate fault blocks at the Navajo field in its core East Breaks area of the deepwater Gulf of Mexico.  Santos To Acquire Esenjay Exploration  Santos and Esenjay Exploration have entered into a definitive merger agreement.  PanCanadian and AEC Get Green Light  AEC and PanCanadian announced that the waiting period under the Hart-Scott-Rodino Antitrust Act ended on March 18, 2002, without inquiry by the U.S. Federal Trade Commission or the U.S. Department of Justice.    [IMAGE]   [IMAGE]       Upcoming Oil & Gas Industry Events [IMAGE]      [IMAGE]     [IMAGE]  Apr. 2     e-Business in the E?Industry - Targeting the Value  Houston Apr. 7     CORROSION/2002  Denver Apr. 8     Weatherman's Classic Charity Golf Tournament  Houston Apr. 9     2002 SPE/ICoTA Coiled Tubing Conference and Exhibition  Houston May. 1     Nigeria Oil & Gas 2002  London May. 6     Offshore Technology Conference 2002  Houston May. 13    Introduction to the Petroleum Industry  Houston May. 21    Oil and Gas in the Gulf of Guinea  London Jun. 23    Ocean Mechanics and Arctic Engineering 2002  Oslo Aug. 27    ONS 2002 Conference and Exhibition  Stavanger  list your conference  view upcoming events   [IMAGE]!    [IMAGE]   	[IMAGE]	   [IMAGE] [IMAGE]  Click here to go to! Baker Hughes  AADE  Horizon Offshore  HoverDril   [IMAGE]   [IMAGE]   promote your company      [IMAGE] [IMAGE]  [IMAGE]  Environmental Challenges Confronting the Oil Industry  [IMAGE] [IMAGE]  Elements of Petroleum Processing  [IMAGE] [IMAGE]  Geostatistics: Modeling Spatial Uncertainty  [IMAGE]  [IMAGE]   [IMAGE]   more products      [IMAGE] [IMAGE]  featured equipment: National 110 M  [IMAGE]   IRI 550 Series Drilling Rig  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Health&Safety Specialist I  - Regional Manager - North Sea Operations  - Manager-Preventive Maintenance Standards   more hot jobs >>   featured candidates:  - Procurement Specialist / Project Engineer   - M.S. Student in Petroleum Engineering  - Field Service Engineer/Subsea Engineer   search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IMAGE]   Drillships:  To 5000':   57.1% (8/14) +5000':   96.0% (24/25)  Semisubs:  2nd Gen:   62.5% (45/72) 3rd Gen:   86.0% (43/50) 4th Gen:   94.7% (36/38) 5th Gen:   85.7% (6/7)  Jackups:  To 200':   56.1%  (37/66) 200' MC:   45.8% (11/24) 200' MS:   19.0% (4/21) 300' IC:   88.5% (85/96) +300' IC:   94.4% (51/54) Severe Env.:   81.0% (17/21)  [IMAGE]   [IMAGE]   view complete utilization report      [IMAGE] [IMAGE]  Light Crude Oil:  $25.35/BBL  (-0.78%) Brent Crude Oil:  $25.36/BBL  (-0.24%) Natural Gas:  $3.26/MMBtu  (-3.26%) Unleaded Gasoline:  $0.80/gal  (-2.44%) prices from:  3/22/2002 change since:  3/21/2002  [IMAGE]   [IMAGE]   	[IMAGE]	

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