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	Friday January 25, 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]       Woodside Eyes Veba Assets  Woodside is interested in acquiring the assets of Vebal Oil and Gas but has declined to release details.   Court Rules on Offshore Injury Case  United States Fifth Circuit Court of Appeals decides that wireline perforation used in drilling and capping wells is not "ultrahazardous".    [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]  Origin Acquires Stake in WA 226P Offshore Australia  Origin Energy advises has reached agreement with Dana Petroleum plc and Black Rock Petroleum to earn 30% equity in the WA 226P Permit and assume Operatorship.  Trident Appraisal Well Successful  Unocal Corporation said that it continues to be encouraged after successfully completing the first appraisal well at the Trident deepwater Gulf of Mexico discovery in Alaminos Canyon Block 903.  CNODC Acquires Interest in Azeri Fields  China National Oil and Gas Exploration and Development Corp. and CNPC have signed two separate agreements whereby CNODC and CNPCHK will acquire a 30% interest in the Kursangi and Karabagli oil fields in Azerbaijan.    [IMAGE]   [IMAGE]       Production [IMAGE]      [IMAGE]     [IMAGE]  Kvaerner To Open New Umbilicals Facility  Kvaerner has decided to invest NOK 100 million in a new umbilicals production facility for the subsea segment of the oil and gas industry in the Gulf of Mexico or Houston area.  Veba Boosts Production from Hanze Field  Veba is producing 31,500 barrels of oil daily from its recently developed Hanze field. This represents almost two thirds of Dutch oil production.    [IMAGE]   [IMAGE]       Company & Financial! News [IMAGE]      [IMAGE]     [IMAGE]  Ensco Releases 2001 Results  ENSCO reported that fourth-quarter net income fell 30 percent as low energy prices cut drilling activity in the Gulf of Mexico.   Conoco Sets Budget for 2002  Conoco to spend the majority of its $2.8 billion dollar budget on upstream operations in 2002.  Nabors Industries Has Record Year  Nabors Industries Inc. said its fourth-quarter earnings rose slightly even though North American natural gas drilling slowed down as a result of lower gas prices.     [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.  Kerr-McGee Sells Ecuadorian Assets  Kerr-McGee has agr! eed 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.  Kvaerner Awarded  Escravos FEED Contract  Kvaerner has been awarded the FEED work for the Escravos Gas Project Phase 3 by NNPC/Chevron.  Transocean Puts Two Rigs Back to Work  Transocean Sedco Forex Inc. has been awarded contracts for tw! o high-specification floating drilling rigs and has received a contract extension on a third high-specification floating drilling rig.   PGS Awarded $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.  Shell Hits Offshore Nigeria  Shell Nigeria has made a significant discovery in the deep waters offshore Nigeria.  CNOOC Announces 2002 Strategy   In 2002, CNOOC will continue to focus on growing production, executing development plans and adding reserves through exploration.    [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 Construction 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  Houston  list your conference  view upcoming events   [IMAGE]   [IMAGE]    [IMAGE]    [IMAGE] [IMAGE]  Horizon Offshore  Global Completion Service  HoverDril  Baker Hughes   [IMAGE]      promote your company      [IMAGE] [IMAGE]  [IMAGE]  Natural Gas in Nontechnical Language  [IMAGE] [IMAGE]  2001 International Petroleum Encyclopedia  [IMAGE] [IMAGE]  Hydrocarbon Exploration and Production  [IMAGE] [IMAGE]    [IMAGE]   more products   [IMAGE]      [IMAGE] [IMAGE]  !  featured equipment: Ambar Marine 26' Fast Rescue Boats   [IMAGE]     Self-Contained Platform Rig   [IMAGE]    [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Senior Structural Engineer   - Electrical Engineer  - Fishing Specialist (Engineer)   more hot jobs >>   featured candidates:  - CFO - Controller  - Directional Drilling Coordinator  - International Business Devel! opment Engineer   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:  $19.72/BBL  (1.18%) Brent Crude Oil:  $19.14/BBL  (0.10%) Natural Gas:  $2.02/MMBtu  (-2.88%) Unleaded Gasoline:  $0.57/gal  (1.79%) prices from:  1/24/2002 change since:  1/23/2002  [IMAGE]   [IMAGE]    [IMAGE] 	[IMAGE]		
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