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	Tuesday January 29, 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]       Kuwait Invites Bidders for Upstream Project  Kuwait Petroleum Corp. is requesting that more international companies bid for interest in its upstream oil development project in its Northern oilfields.  AEC and PanCanadian Confirms Merger Plans  Alberta Energy Company and PanCanadian join forces in a "merger of equals" that will create one of North America's larges! t independent energy companies.    [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]  McMoRan Sells Certain Oil & Gas Assets  McMoRan Exploration Co. has signed a definitive agreement to sell three of its oil and gas properties to a third party for $60 million.     [IMAGE]   [IMAGE]       Production [IMAGE]      [IMAGE]     [IMAGE]  TotalFinaElf Starts-Up Desgas Project in Syria  The Desgas project establishes TotalFinaElf as a key gas industry player in Syria, where the Group already operates a production of around 50,000 barrels per day of oil in partnership with the SPC.  CNOOC Orders FPSO  CNOOC orders FPSO capable of handling 4.5 million tons of crude for its Fanyu Oilfield.  Unocal Replaces 222% of 2001 Production  Unocal Corporation said it replaced 2! 22 percent of its worldwide crude oil and natural gas production during 2001 with new proved reserves.  ExxonMobil Replaces 111% of Production  ExxonMobil Corporation announced that additions to its worldwide proved oil and gas reserves totaled 1.8 billion oil-equivalent barrels in 2001.    [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]      [IMAGE]     [IMAGE]  Swift Completes Acquisition of New Zealand Assets  Swift Energy has completed the acquisition of Southern Petroleum for approximately US $54.4 million in cash.  Chinese Companies On Buying Spree  Chinese oil companies are in the market for investments to enhance shareholder value and boost supplies for domestic refineries.    [IMAGE]   [IMAGE]       Last 7 Days Top Stories [IMAGE]      [IMAGE]     [IMAGE]  Kvaerner Awarded  Escravos FEED Contract  Kvaerner has been awarded the FEED work for the Escravos Gas Project Phase 3 by NNPC/Chevron.  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".  Conoco Sets Budget for 2002  Conoco to spend the majority of its $2.8 billion dollar budget on upstream operations in 2002.  Transocean Puts Two Rigs Back to Work  Transocean Sedco Forex Inc. has been awarded contracts for two high-specif! ication floating drilling rigs and has received a contract extension on a third high-specification floating drilling rig.   Marathon Makes Discovery in Alaska  Marathon oil has made a significant discovery on its Ninilchik Prospect located approximately 35 miles south of Kenai, Alaska.  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.  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.  Westcoast Energy Reaches Milestone in Mexico  Westcoast Energy announced has reached a major milestone in the development of the Campeche Natural Gas Compression Services Project in Mexico.  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.  Pogo Plans Aggressive Capital Program in 2002  Pogo's Board of Directors has approved a $340 million capital and exploration budget for 2002 and has planned an aggressive exploration and drilling schedule.  Unocal Installs Production Platform Offshore Indonesia  Unocal's Yakin field production platform was installed using a float over and ballast down technique resulting in a substantial cost and time savings for Unocal.    [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]   [IMAGE]   promote your company      [IMAGE] [IMAGE]  [IMAGE]  Natural Gas Systems Map  [IMAGE] [IMAGE]  Gulf of Mexico Oil and Gas Activity and Lease Map, 6th Ed.  [IMAGE] [IMAGE]   Gulf of Mexico Activity Report  [IMAGE]  [IMAGE]   [IMAGE]   more products   [IMAGE]      [IMAGE] [IMAGE]  featured eq! uipment: IDECO 3000HP Mechanical Land Rig  [IMAGE]   Ambar Marine 26' Fast Rescue Boats  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featured jobs:  - Hydrographic Surveyor  - Account Rep - Business Development  - Well Site Geologist   more hot jobs >>   featured candidates:  - Planning & Scheduling Engineer   - Exp. Drlg. Consultant  - Exploration Geophysicist & Seismic Acquisition QC search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IMAGE]   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:   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:   86.5% (83/96) +300' IC:   92.6% (50/54) Severe Env.:   90.5% (19/21)  [IMAGE]   [IMAGE]   view complete utilization report      [IMAGE] [IMAGE]  Light Crude Oil:  $20.10/BBL  (3.61%) Brent Crude Oil:  $19.60/BBL  (-1.95%) Natural Gas:  $1.92/MMBtu  (-5.42%) Unleaded Gasoline:  $0.58/gal  (0.00%) prices from:  1/28/2002 change since:  1/25/2002  [IMAGE]   [IMAGE]    [IMAGE] 	[IMAGE]		
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