RIGZONE Newsletter ,
 RIGZONE DAILY NEWS -- TUESDAY, JANUARY 2, 2002
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Daily News from the worldwide upstream oil & gas industry
   to view the complete version, please go to: 
   http://www.rigzone.com/newsletter_show.asp?n_id=191
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INDUSTRY HEADLINES
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SMEDVIG'S CEO RESIGNS
Christian Bull Eriksson has announced that he will step down as CEO of
Smedvig ASA effective immediately.
  http://www.rigzone.com/news/article.asp?a_id=2292

ENRON RECEIVES APPROVAL TO SELL TWO ASSETS
On December 28th a judge approved the sale of two of Enron's assets at a
value of $310 million.
  http://www.rigzone.com/news/article.asp?a_id=2291

U.S. RIG COUNT UP
The number of rigs working in the U.S. this week rose by five to 887.
  http://www.rigzone.com/news/article.asp?a_id=2290

EXPLORATION
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HALLIBURTON INTRODUCES NEW PERFORATION FLOW LABORATORY
Halliburton has added its Perforation Flow Laboratory to its PerfPro
process to provide detailed instrumentation and controlled-laboratory
conditions that can allow insight into physical phenomena occurring in the
reservoir during complicated perforating and multi-phase flow events.
  http://www.rigzone.com/news/article.asp?a_id=2293

PRODUCTION
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OPEC AGREES ON PRODUCTION CUTS
OPEC members have agreed to cut production by 6.5% for a six-month period
beginning January 1, 2002.
  http://www.rigzone.com/news/article.asp?a_id=2295

OIL FLOWS FROM ECHO-YODEL FIELD
Production has begun three months ahead of schedule for the Echo-Yodel
field offshore Western Australia.
  http://www.rigzone.com/news/article.asp?a_id=2294

COMPANY & FINANCIAL NEWS
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NORTHERN PETROLEUM RAISES FUNDS FOR EXPLORATION
UK minnow Northern Petroleum has raised GBP 135,000 from a new share issue
for further exploration drilling on its Seven Heads prospect offshore
Ireland.
  http://www.rigzone.com/news/article.asp?a_id=2298

ENDEAVOUR RESOURCES COMPLETES PRIVATE PLACEMENT
Endeavour Resources has completed a private placement in the amount of
C$165,000.
  http://www.rigzone.com/news/article.asp?a_id=2297

ALLIED OIL & GAS CORP. ACQUIRES 942235 ALBERTA LTD.
Allied Oil & Gas will acquire 942235 Alberta Ltd. for C$2.65 per share.
  http://www.rigzone.com/news/article.asp?a_id=2296

GERMAN IN ELF SCANDAL POSTS 1 MILLION DOLLAR BAIL
Former lobbyist for French oil company Elf Aquitaine, was placed under
investigation - one step short of being charged
  http://www.rigzone.com/news/article.asp?a_id=2289


sponsored by: 
************************************************************
 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:
************************************************************


LAST 7 DAYS TOP STORIES
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PEMEX  ENCOUNTERS NATURAL GAS DEVELOPMENT OPPOSITON 
Pemex runs into opposition on plans to raise the foriegn investment
capital needed to for natural gas development plans
  http://www.rigzone.com/news/article.asp?a_id=2284

KINDER MORGAN BUYS TEJAS
Kinder Morgan Energy Partners LP of Houston entered into an agreement to
purchase Tejas Gas LLC for approximately $750 million in cash.
  http://www.rigzone.com/news/article.asp?a_id=2286

NEXEN SETS NEXT YEARS BUDGET 
Nexen's new capital budget is 1.24 billion dollars. About $240 million is
scheduled for worldwide exploaration projects.
  http://www.rigzone.com/news/article.asp?a_id=2283

PATTERSON/UTI ENERGY, INC  BUYS CLERE DRILLING COMPANY ASSETS
PATTERSON-UTI ENERGY, INC. the second-largest operator of land-based oil
and natural gas drilling rigs in North America, today announced the
acquisition of 17 land-based drilling rigs from Cleere Drilling Company

  http://www.rigzone.com/news/article.asp?a_id=2281

ONGC AND UK BASED  BG GROUP DISCUSS ENRON PROPERTIES
India's state-run Oil and Natural Gas Corp remains open to continued
discussions with UK's BG Group over the operatorship of the Panna-Mukta
and Tapti oil and gas fields offshore western India
  http://www.rigzone.com/news/article.asp?a_id=2279

PETRONAS PROJECTS RATES FOR SOUTH CHINA SEA ANGSI FIELD 
Malaysia's state-owned Petronas expects the Angsi oil field in the South
China Sea to produce 65,000 b/d of oil and 450-mil cu ft/day of natural
gas at its peak.
  http://www.rigzone.com/news/article.asp?a_id=2280

REPSOL OFFSHORE EXPLORATORY LICENSES TOO CLOSE TO MORROCCO
Morocco has denounced Spain's violation of the country's maritime
territory after Madrid distributed offshore oil prospection licenses for
the Canary Islands in Moroccan controlled seas.

 

  http://www.rigzone.com/news/article.asp?a_id=2285

DELTA PETROLEUM TO BUY PIPER PETROLEUM
Delta Petroleum Corporation, an independent energy exploration and
development company, has entered into an agreement to purchase Piper
Petroleum Company, a privately owned oil and gas company headquartered in
Fort Worth, Texas.
  http://www.rigzone.com/news/article.asp?a_id=2288

UPCOMING OIL & GAS INDUSTRY EVENTS
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Jan. 22   Alliances and Partnering in Oil & Gas
Feb. 7    Marine Construction 2002
Feb. 10   2002 SPE International Petroleum Conference & E...
Feb. 26   2002 IADC/SPE Drilling Conference and Exhibition 
Mar. 10   AAPG Annual Meeting
Apr. 9    2002 SPE/ICoTA Coiled Tubing Conference and Exh...
May. 6    Offshore Technology Conference 2002
Aug. 27   ONS 2002 Conference and Exhibition
Oct. 6    Society of Exploration Geophysicists Annual Mee...
Oct. 15   Permian Basin International Oil Show
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For details and more events, check out our Events Calendar:
  http://www.rigzone.com/news/event_home.asp

RIGZONE - WHAT'S IN STORE
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 - The North Sea Field Development Guide, 8th Ed.
   http://www.rigzone.com/store/product.asp?p_id=60
 - Drilling Technology Series, Segment II: Routine Drilling Operations
   http://www.rigzone.com/store/product.asp?p_id=381
 - World Deepwater Atlas
   http://www.rigzone.com/store/product.asp?p_id=616
RIGZONE FEATURED EQUIPMENT
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DELMAG HAMMERS
Delmag D-22/30 Diesel Hammers
  http://www.rigzone.com/market/surplus_listing.asp?e=340

WEST AFRICA LOCATED COOPER LTO 750
This 1997 built Cooper LTO 750 is in excellent operating condition and is
complete with drilling tools, workover tools and spre parts for
international operations.
  http://www.rigzone.com/market/surplus_listing.asp?e=100

OFFSHORE RIG UTILIZATION
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Drill Ships
   To 5000': 50.0%  (7/14)
   + 5000' : 100.0%  (25/25)
Semisubs
   2nd Gen:  68.5%  (50/73)
   3rd Gen:  82.0%  (41/50)
   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:  87.5%  (84/96)
   +300' IC: 88.9%  (48/54)
   Sev Env:  81.0%  (17/21)
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View a complete utilization report at: 
   http://www.rigzone.com/data/utilization_trends.asp

OIL & GAS PRICES
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Light Crude Oil:    $19.84/BBL    (-5.07%)
Brent Crude Oil:    $19.90/BBL    (-2.16%)
Natural Gas:        $2.57/MMBtu  (-3.02%)
Unleaded Gasoline:  $.57/gal.   (-3.39%)

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