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	Wednesday
December 19, 2001	Schlumberger <http://www.connect.slb.com/> 		
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Current Oil and Gas Industry News
T! op Stories for the Past 7 Days
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Industry Headlines	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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PDVSA to Spend $375 Million Offshore Trinidad <http://www.rigzone.com/news/article.asp?a_id=2234>
PDVSA plans to spend $375 million over the next three years on a natural gas exploration project offshore Trinidad.

OPEC To Meet in Cairo on December 28th <http://www.rigzone.com/news/article.asp?a_id=2233>
OPEC confirmed that it would meet in Cairo on December 28th to discuss output cuts scheduled for January 1st.

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Shell Hits in Santos Basin <http://www.rigzone.com/news/article.! asp?a_id=2237>
Shell has made a discovery offshore Brazil in block BS-4 located in the Santos Basin. The estimated reserves are between 300 - 500 million barrels of oil.

Santos and Esenjay Make Major Gas Discovery in Texas <http://www.rigzone.com/news/article.asp?a_id=2236>
The Runnells #7 well tested at 22 million cubic feet of natural gas and over 500 barrels of condensate per day.

Landmark Awarded Brazilian E&P Data Management Contract <http://www.rigzone.com/news/article.asp?a_id=2235>
Landmark has been awarded a four-year E&P data management contract by the Brazilian Geological Service to organize and manage all Brazilian seismic and well E&P data on behalf of ANP.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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CNOOC Plans To Develop Xihu! Trough in 2002 <http://www.rigzone.com/news/article.asp?a_id=2239>
CNOOC is looking for foreign investors to jointly develop natural gas from the Xihu Trough located in the East China Sea.

Saipem and Odebrecht form Joint Venture  <http://www.rigzone.com/news/article.asp?a_id=2238>
Saipem and Odebrecht have formed a 50-50 joint venture to provide turn-key floating production services offshore Brazil and Angola.

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Burlington to Spend $1.3 Billion in 2002 <http://www.rigzone.com/news/article.asp?a_id=2243>
Burlington Resources plans to spend $1.3 billion in 2002. Most of the E&P budget will be spent on development programs in Canada, Algeria, the East Irish Sea and the United States.

Atlantic Petroleum Plans Capital Expansion <http://www.rigzone.com/news/article.asp?a_id=2242>
Atlantic Petroleum, a Faroes! e independent oil company, is planning a capital expansion of DKr100 million in 2002.

Magnum Hunter and Prize Energy Announce Merger <http://www.rigzone.com/news/article.asp?a_id=2241>
Magnum Hunter and Prize Energy announce plans to merge in a deal valued at $1.2 Billion.

Sakhalin-2 Reports 22 Percent Rise in Production <http://www.rigzone.com/news/article.asp?a_id=2240>
A consortium led by Shell reports that production offshore Russia's Sakhalin Island has increased by 22 percent this year from 1.67 million tons to 2.0 million.

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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: 

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Last 7 Days Top Stories	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Bouygues Signs AIOC Contract <http://www.rigzone.com/n! ews/article.asp?a_id=2183>
Following an interim accord with the AIOC consortium on July 11, Bouygues Offshore has signed a contract worth US $163 million to supply offshore structures for the Azeri field.

Devon Energy to Sell Latin American Assets <http://www.rigzone.com/news/article.asp?a_id=2206>
Devon Energy is planning to sell several of its Latin American assets, located in Argentina and Brazil.

Indonesia Will Tender 17 Blocks for Exploration <http://www.rigzone.com/news/article.asp?a_id=2192>
Indonesia will tender 17 areas for oil exploration. Tender documents will be available January/February 2002.

Halliburton Expands Relationship with Vanco Energy <http://www.rigzone.com/news/article.asp?a_id=2191>
Halliburton continues to build upon its relationship with Vanco Energy by signing an agreement for engineering and consulting services in several deepwater reg! ions offshore West Africa.

Murphy Plans to Spend $866 Million in 2002 <http://www.rigzone.com/news/article.asp?a_id=2205>
Murphy Oil Corporation announces a capital program of $866 million for 2002, essentially level with spending during 2001.

Energy Partners to Acquire Hall-Houston <http://www.rigzone.com/news/article.asp?a_id=2219>
Energy Partners has entered into an agreement to acquire Hall-Houston Oil Company in a deal valued at approximately $88.3 million.

Conoco To Develop Deepwater Magnolia Field <http://www.rigzone.com/news/article.asp?a_id=2222>
Conoco and Ocean Energy to develop the Magnolia Field in the deepwater Gulf of Mexico at a cost of $600 million.

Phillips Announces 2002 Budget <http://www.rigzone.com/news/article.asp?a_id=2172>
The board of directors of Phillips Petroleum Company has approved $3.5 billion for capital projects in 2002.

ChevronTexaco Interested in Joining Baku-Ceyhan Pipeline <http://www.r! igzone.com/news/article.asp?a_id=2177>
ChevronTexaco confirmed its plans to join the projected Baku-Ceyhan pipeline, to run from Azerbaijan to Turkey.

Pioneer Sets Budget for 2002 <http://www.rigzone.com/news/article.asp?a_id=2184>
Pioneer Natural Resources Company announced that its Board of Directors has approved a 2002 development and exploration capital budget of $425 million.

Denbury Revises 2002 Budget <http://www.rigzone.com/news/article.asp?a_id=2173>
Denbury Resources Inc. has reduced its projected 2002 development and exploration budget by approximately 20%.

Statoil Orders New LNG Carrier <http://www.rigzone.com/news/article.asp?a_id=2188>
Statoil has placed an order with Leif Hoegh & Co and Mitsui OSK Lines for an LNG tanker to ship LNG from the Snohvit field to Melkoya.

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American Material Resources, Inc. offers McMaster-Carr Supply Company Catalog items at a discount price...E-Mail (amrsales@ocinet.net <mailto:amrsales@ocinet.net>) or fax your inquries to us at 970-325-0505, attention Donna Morss, Sales. All we need for 24-hour turnaround on quotes is the McMaster part number and quantity. www.amrsales.com <http://www.amrsales.com>	

	

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Jan. 22 	Alliances and Partnering in Oil & Gas <http://www.rigzone.com/news/event_detail.asp?event_id=75>		
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Feb. 10 	2002 SPE International Petroleum Conference & Exhibition in Mexico <http://www.rigzone.com/news/event_detail.asp?event_id=35>	Villahermosa	
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Oct. 6 	Society of Exploration Geophysicists Annual Meeting <http://www.rigzone.com/news/event_detail.asp?event_id=160>	Salt Lake City	
Oct. 15 	Permian Basin International Oil Show <http://www.rigzone.com/news/event_detail.asp?event_id=30>	Odessa	
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IRI 550 Series Drilling Rig <http://www.rigzone.com/market/surplus_listing.asp?eq_id=403>	
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Cabot 250 Workover and Drilling Rig  <http://www.rigzone.com/market/surplus_listing.asp?eq_id! =401>	
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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': 	100.0%	(25/25)	
Semisubs:	
2nd Gen: 	67.1%	(49/73)	
3rd Gen: 	80.0%	(40/50)	
4th Gen: 	100.0%	(38/38)	
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)	
300' IC: 	86.5%	(83/96)	
+300' IC: 	88.9%	(48/54)	
Severe Env.: 	81.0%(17/21)	
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view complete utilization report <http://www.rigzone.com/data/utilization_trends.asp>	

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Light Crude Oil: 	$19.36/BBL 
(1.73%)	
Brent Crude Oil: 	$18.20/BBL 
(-5.31%)	
Natural Gas: 	$2.66/MMBtu 
(-85.38%)	
Unleaded Gasoline: 	$0.55/gal 
(-79.55%)	
prices from: 	12/18/2001	
change since: 	12/17/200! 1	
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