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	Tuesday
February 26, 2002	 <http://oad.realmedia.com/RealMedia/ads/click_nx.ads/UMUK_Rigzone.WeeklyNewsletter/THURAYA01_RIGWNMW02/102150216415210> 		
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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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Helmerich/Payne Announces Spin Off <http://www.rigzone.com/news/article.asp?a_id=2704>
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 <http://www.rigzone.com/news/article.asp?a_id=2701>
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  <http://www.rigzone.com/news/article.asp?a_id=2695>
GlobalSantaFe Corporation announced today it sold the Key Bermuda offshore jackup drilling rig to Nabors Drilling for $29 million in an all cash transaction. 

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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ExxonMobil to Abandon Azerbaijan Well <http://www.rigzone.com/news/article.asp?a_id=2698>
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 <http://www.rigzone.com/news/article.asp?a_id=2697>
South African energy firm Sasol has received formal approval to look for natural gas off the country's west coast.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Kuwait's Burgan oilfield cuts production due to oil leak <http://www.rigzone.com/news/article.asp?a_id=2702>
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  <http://www.rigzone.com/news/article.asp?a_id=2699>
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  <http://www.rigzone.com/news/article.asp?a_id=2696>
K2 Energy Corp. announced reverse circulation drilling technology yielded gas flows 57% to 100% higher than rotary air drilled wells. 

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Sale Completed for McMoRan Exploration Co certain Oil and Gas Properties <http://www.rigzone.com/news/article.asp?a_id=2703>
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  <http://www.rigzone.com/news/article.asp?a_id=2700>
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. 

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Last 7 Days Top Stories	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Offshore Liftboat Sinks in the Gulf of Mexico <http://www.r! igzone.com/news/article.asp?a_id=2664>
Nineteen rig workers were rescued from the choppy waters off the Alabama coast as the wreckage of the liftboat floated nearby.

Hydralift Acquires AmClyde <http://www.rigzone.com/news/article.asp?a_id=2654>
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 <http://www.rigzone.com/news/article.asp?a_id=2645>
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 <http://www.rigzone.com/news/article.asp?a_id=2674>
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 <http://www.rigzone.com/news/article.asp?a_id=2655>
Bollinger Shipyards has signed a contract to build three 145 foot supply/utility boats with Edison Chouest Offshore.

BJ Services Acquires OSCA, Inc. <http://www.rigzone.com/news/article.asp?a_id=2667>
BJ Services Company has signed a definitive merger agreement to acquire OSCA, Inc. for $28.00 per share.

BP Announces GOM Pipeline Construction Plans <http://www.rigzone.com/news/article.asp?a_id=2653>
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 <http://www.rigzone.com/news/article.asp?a_id=2681>
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 <http://www.rigzone.com/news/article.asp?a_id=2684>
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 <http://www.rigzone.com/news/article.asp?a_id=2661>
PetroChina is considering a multi-billion dollar acquisition of the upstream business in Canada of Husky Energy Inc.

Pakistan and Iran Sign Pipeline MOU <http://www.rigzone.com/news/article.asp?a_id=2690>
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.

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Upcoming Oil & Gas Industry Events	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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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. 2 	e-Business in the E&P Industry - Target! ing the Value <http://www.rigzone.com/news/event_detail.asp?event_id=228>	Houston	
Apr. 7 	CORROSION/2002 <http://www.rigzone.com/news/event_detail.asp?event_id=254>	Denver	
Apr. 9 	2002 SPE/ICoTA Coiled Tubing Conference and Exhibition <http://www.rigzone.com/news/event_detail.asp?event_id=41>	Houston	
May. 1 	Nigeria Oil & Gas 2002 <http://www.rigzone.com/news/event_detail.asp?event_id=256>	London	
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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2000 USA Oil Industry Directory <http://www.rigzone.com/store/product.asp?p_id=129>	
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Reservoir Formation Damage, Fundamentals, Modeling, Assessment, and Mitigation <http://www.rigzone.com/store/product.asp?p_id=312>	
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Introduction to! Offshore Safety and Survival, 2nd Ed. <http://www.rigzone.com/store/product.asp?p_id=57>	
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  <http:! //www.rigzone.com/images/spacer.gif>	featured equipment:	
Gardner Denver PZ-8s <http://www.rigzone.com/market/surplus_listing.asp?eq_id=379>	
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Gardner Denver 1100E Drawworks <http://www.rigzone.com/market/surplus_listing.asp?eq_id=261>	
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  <http://www.rigzone.com/images/spacer.gif>	featured jobs: 	
-	Service Supervisor, Cementing Services Job Code 4735	
-	Service Supervisor, Cementing Services Job Code 4735 <http://www.rigzone.com/jobs/job_posting.asp?p_id=893>	
-	Offshore Mechanic with at least 5 years experience. <http://www.rigzone.com/jobs/job_posting.asp?p_id=1077>	
more hot jobs >> <http://www.rigzone.com/jobs/hot_jobs.asp>	
featured candidates: 	
-	EXPERIENCED DRILLING CONSULSANT  <http://www.rigzone.com/jobs/resume.asp?r_id=9349>	
-	work history <http://www.rigz! one.com/jobs/resume.asp?r_id=8242>	
-	Production Operator Gulf of Mexico <http://www.rigzone.com/jobs/resume.asp?r_id=7806>	
search for candidates >> <http://www.rigzone.com/jobs/search_resume.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': 	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)	
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view complete utilization report <http://www.rigzone.com/data/utilization_trends.asp>	

  <http://www.rigzone.com/images/email/title_tab_OilPrices.gif>	
  <http://www.rigzone.com/images/spacer.gif>	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	
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