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	Thursday
February 7, 2002	iOTC <http://www.iotcnet.org> 		
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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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Kuwait Resumes Partial Production <http://www.rigzone.com/news/article.asp?a! _id=2570>
Kuwait has resumed partial crude production at its northern fields. 

PDVSA Begins 3 Year Offshore Exploration Program <http://www.rigzone.com/news/article.asp?a_id=2569>
PDVSA's justlaunched a three-year, $375 million offshore natural gas exploration program in the Atlantic near the Deltana platform area.

PDVSA Refuses to Comment on Lawsuit <http://www.rigzone.com/news/article.asp?a_id=2565>
PDVSA has refused to comment on a lawsuit it is facing from Lyondell Chemical Co. for allegedly breaking a crude oil supply contract.

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Exploration	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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Panaco Successful at North White Lake <http://www.rigzone.com/news/article.! asp?a_id=2572>
Panaco's North White Lake No. 1 well encountered 55 feet of net pay. Production from this well could begin as early as April.

Bligh Oil To Begin Exploration Offshore Southwest China <http://www.rigzone.com/news/article.asp?a_id=2571>
Bligh Oil and its partners plan to begin drilling on Block 22/12, located in the Beibu Gulf, offshore southwest China later this month.

Morocco To Invest in Offshore Exploration <http://www.rigzone.com/news/article.asp?a_id=2566>
Morocco's oil refiner Samir will invest up to $40 million in oil exploration over the next several years and will focus on offshore exploration.

PetroQuest Announces Success at Chenin Blanc Prospect <http://www.rigzone.com/news/article.asp?a_id=2564>
PetroQuest Energy, Inc. reported its first discovery of 2002 in the Chenin Blanc Prospect in the Company'sShip Shoal 72 Field.

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Production	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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CNR Turns On the Tap At Espoir Field Offshore Cote d'Ivoire <http://www.rigzone.com/news/article.asp?a_id=2573>
Canadian Natural Resources Limited announces that oil production from the Espoir Field, offshore Cote d'Ivoire, Africa, commenced on February 4, 2002 at 8,500 barrels per day.

Williams Starts Up Gulf of Mexico Deepwater Pipelines <http://www.rigzone.com/news/article.asp?a_id=2567>
Williams has begun receiving oil and natural gas into new deepwater pipelines that were recently completed in the western Gulf of Mexico.

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Company & Financial News	  <http://www.rigzone.com/images/email/title_Corner.gif>	
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ChevronTexaco Announces 2002 Spending Budget <http://www.rigzone.com/news/article.asp?a_id=2568>
ChevronTexaco Corp. is! reducing its capital spending this year by 22 percent from 2001 due mainly to merger-related efficiencies.

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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.

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 billion approved for 2001.

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. 

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.

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.

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.

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.

Gulf Marine Wins Matterhorn TLP Topsides Project <http://www.rigzone.com/news/article.asp?a_id=2519>
Technip-Coflexip Group announced that Atlantia Offshore Limited has awarded Gulf Marine Fabricators a fabrication contract for the Matterhorn dry-tree TLP topsides facility and foundation piles.

West Navion Experiences More Delays <http://www.rigzone.com/news/article.asp?a_id=2540>
Operations on the drill ship, West Navion, offshore Canada continues to be suspended, due to repair work on the main sheaves in the RamRig derrick.

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.

Kuwaiti Oil Minister Offers to Step Down <http://www.rigzone.com/news/article.asp?a_id=2547>
Kuwaiti members of parliament ! have called for the resignation of the entire government following last week's explosion at an oil plant where four workers were killed and sixteen were injured.

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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_de! tail.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	
Mar. 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	
May. 6 	Offshore Technology Conference 2002 <http://www.rigzone.com/news/event_detail.asp?event_id=31>	Houston	
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West Africa Located Cooper LTO 750 <http://www.rigzone.com/market/surplus_listing.asp?eq_id=100>	
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Ideco H-35 DD Drive-in Rig  <http://www.rigzone.com/market/surplus_listing.asp?eq_id=405>	
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  <http://www.rigzone.com/images/spacer.gif>	Drillships:	
To 5000': 	57.1%	(8/14)	
+5000': 	96.0%	(24/25)	
Semisubs:	
2nd Gen: 	69.9%	(51/73)	
3rd Gen: 	84.0%	(42/50)	
4th Gen: 	97.4%	(37/38)	
5th Gen: 	85.7%	(6/7)	
Jackups:	
To 200': 	53.7%	(36/67)	
200' MC: 	50.0%	(12/24)	
200' MS: 	14.3%	(3/21)	
300' IC: 	88.5%	(85/96)	
+300' IC: 	94.4%	(51/54)	
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: 	$19.68/BBL 
(-1.94%)	
Brent Crude Oil: 	$19.27/BBL 
(-1.53%)	
Natural Gas: 	$2.10/MMBtu 
(1.45%)	
Unleaded Gasoline: 	$0.57/gal 
(-1.72%)	
prices from: 	2/6/2002	
change since: 	2/5/2002	
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