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February 4, 2002	iOTC <http://www.iotc.com> 		
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Current Oil and Gas Industry News
T! op Stories for the Past 7 Days
Featured Events and Conferences
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Kuwait Oil Fire Leaves Four Workers Dead <http://www.rigzone.com/news/article.asp?a_id=2536>
A fire and an explosion at an oil facility in northern Kuwait have left four workers dead and at least 16 injured.

Norwegian Pilot Strike Ends <http://www.rigzone.com/news/article.asp?a_id=2535>
CHC Helicopter Corporation has reached an agreement with the leadership of the union representing CHC pilots in Norway. All striking pilots will report back to work starting Feb.! 2, 2002.

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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ONGC May Make BG a Partner <http://www.rigzone.com/news/article.! asp?a_id=2538>
ONGC may make British Gas a technical partner for operating Panna-Mukta and Tapti fields - despite rejecting the company's claim as operator of the field when BG purchases Enron's equity.

Morocco Protests Offshore Exploration Licenses <http://www.rigzone.com/news/article.asp?a_id=2537>
The Moroccan government is protesting a decision made late last year by Spain to grant Repsol-YPF nine oil exploration concessions in the Atlantic between Morocco and the Canary Islands.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Russia Keeps Within Export Limits <http://www.rigzone.com/news/article.asp?a_id=2539>
No additional quotas for shipments of Russian crude oil were issued in January and exports were within limits agreed with OPEC as part of a deal to support prices, according to official sources.

! Kerr-McGee Turns On the Tap at Nansen <http://www.rigzone.com/news/article.asp?a_id=2534>
Kerr-McGee Oil & Gas announced that the Nansen field, in the deepwater Gulf of Mexico, achieved first production on Jan. 28, 2002 from the first of three subsea wells.

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Marathon To Spend $1.8 Billion in 2002 <http://www.rigzone.com/news/article.asp?a_id=2533>
Marathon Oil Corporation announced that it has approved a budget of $1.8 billion for its 2002 capital, investment and exploration programs.

Rowan Completes Acquisition <http://www.rigzone.com/news/article.asp?a_id=2532>
Rowan Companies, Inc. announced that Rowan Electric, Inc., a wholly owned subsidiary, has completed the purchase of certain assets of Oilfield-Electric-Marine, Inc. and Industrial Logic Systems, Inc., for ! a price of approximately $8 million in Rowan common stock.

Varco Revenue Up 46% <http://www.rigzone.com/news/article.asp?a_id=2531>
Varco's net income in 2001 more than doubled that of 2000.

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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.

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.

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.

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 billi! on approved for 2001.

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 Gas 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.

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. 

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.

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.

Pertamina Bidding for Devon Indonesia Assets <http://www.rigzone.com/news! /article.asp?a_id=2508>
Pertamina is ready to submit a bid to acquire Devon Energy's local assets.

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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 Internation! al 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	
Ma! r. 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.rigzone.com/news/event_detail.asp?event_id=41>	Houston	
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  <http://www.rigzone.com/images/spacer.gif>	featured equipment:
National 110 M <http://www.rigzone.com/market/surplus_listing.asp?eq_id=432>	
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Ideco DIR 805 <http://www.rigzone.com/market/surplus_listing.asp?eq_id=431>	
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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%	(37/3! 8)	
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)	
3! 00' 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 Crude Oil: 	$20.38/BBL 
(2.52%)	
Brent Crude Oil: 	$19.98/BBL 
(4.17%)	
Natural Gas: 	$2.13/MMBtu 
(-1.39%)	
Unleaded Gasoline: 	$0.60/gal 
(9.09%)	
prices from: 	2/1/2002	
change since: 	1/31/2002	
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