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	Wednesday
February 6, 2002	iOTC <http://www.iotcnet.org> 		
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Current Oil and Gas Industry News
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Industry Headlines	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Unocal Secures OPIC Funds <http://www.rigzone.com/news/article.asp?a! _id=2558>
OPIC will be providing support of up to $350 million in OPIC financing for two of Unocal's offshore oil and natural gas projects in Indonesia. 

Lyondell to Sue PDVSA for Breach of Contract <http://www.rigzone.com/news/article.asp?a_id=2550>
Lyondell is seeking $90 million in compensation for a 30-million barrel shortfall in crude oil supply from PDVSA between April 1998 and September 2000.

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Vanco Awarded Acreage Offshore Equatorial Guinea <http://www.rigzone.com/news/article.! asp?a_id=2563>
Vanco Energy has been awarded a 10% interest in Block N offshore Equatorial Guinea.

Mission Makes Gulf of Mexico Discovery <http://www.rigzone.com/news/article.asp?a_id=2556>
Mission Resources Corporation announced its first discovery in 2002.

PTTEP's Arthit Drilling Program Successful <http://www.rigzone.com/news/article.asp?a_id=2552>
PTTEP has successfully completed its 14-well second drilling campaign for on its Arthit Field with great success.

PanCanadian Updates Buzzard Results  <http://www.rigzone.com/news/article.asp?a_id=2551>
PanCandian's Buzzard 20/6-4 appraisal well flowed at aggregate rates of 11,100 barrels per day of light oil and 2.2 million cubic feet per day of natural gas.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Pioneer Replaces 208% of Production in 2001 
Pioneer replaced 208% of production at a finding cost of $7.49 per BOE during 2001.

ExxonMobil Begins Production from Larut Field <http://www.rigzone.com/news/article.asp?a_id=2561>
Exxon Mobil Corporation has commenced production from the Larut field, the third new offshore Malaysia platform to come onstream in the past two months.

PetroChina and Shell Reach Agreement on Chinese Pipeline <http://www.rigzone.com/news/article.asp?a_id=2560>
PetroChina has reached an agreement with a Shell-led consortium to undertake a huge natural gas pipeline project in China.

MODEC Supplies World's Deepest TLP at the Marco Polo Field  <http://www.rigzone.com/news/article.asp?a_id=2557>
El Paso Energy has awarded MODEC the contract to provide the engineering, procurement and construction of the hull, mooring and! production riser system for the world's deepest planned tension leg platform.

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Transocean Sedco Forex Announces 2001 Results <http://www.rigzone.com/news/article.asp?a_id=2559>
Transocean Sedco Forex Inc. reported a fourth-quarter profit after one-time charges pushed it to a loss in the same period of 2000.

Enterprise Inks Gas Marketing Deal with Innogy <http://www.rigzone.com/news/article.asp?a_id=2555>
Enterprise Oil plc and Innogy Plc have announced an outline agreement for a natural gas market alliance in North-West Europe.

Enterprise Outlines Business Strategy <http://www.rigzone.com/news/article.asp?a_id=2554>
Enterprise Oil's Chief Executive, Sam Laidlaw, has outlined his strategy for to move the company forward and create value for the investors.

PTTEP Plans 5 Year Investment Strategy
PTTEP plans to spend approximately Baht 85.3 million over the next five years on exploration and development.

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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/news/article.asp?a_id=2507>
BP is considering cutting some of its 3,600 Aberdeen-based workforce in a bid to control rising costs.

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.

Anadarko Plans to Spend $2 Billion in 2002 <http://www.rigzone.com/news/article.asp?a_id=2526>
Anadarko Petroleum C! orporation 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 billion approved for 2001.

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.

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.

Kvaerner and Aker Form Shipbuilding Company <http://www.rigzone.com/news/article.asp?a_id=2545>
Kvaerner and Aker RGI will establish a jointly owned shipbuilding management company. Together, the ! two groups own 12 shipyards in Europe, and one in the USA and Brazil.

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.

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. 

Petro-Canada Acquires Veba Assets <http://www.rigzone.com/news/article.asp?a_id=2500>
Petro-Canada announced 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. 

Murphy To Begin Drilling At Sepang ! Field Offshore Malaysia <http://www.rigzone.com/news/article.asp?a_id=2506>
Murphy Oil Corp. plans to begin drilling its first exploratory well in the Sepang field located offshore Sarawak Block SK 309 later this week.

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.

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.

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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 International 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	
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Mar. 20 	LNG North America <http://www.rigzone.com/news/event_detail.asp?event_id=201>	Houston	
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  <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%	(37/38)	
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: 	88.5%	(85/96)	
+300' IC: 	92.6%	(50/54)	
Severe Env.: 	90.5%	(19/21)	
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  <http://www.rigzone.com/images/spacer.gif>	Light Crude Oil: 	$20.07/BBL 
(0.90%)	
Brent Crude Oil: 	$19.57/BBL 
(-1.16%)	
Natural Gas: 	$2.07/MMBtu 
(-! 1.43%)	
Unleaded Gasoline: 	$0.58/gal 
(0.00%)	
prices from: 	2/5/2002	
change since: 	2/4/2002	
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