RIGZONE Industry News ,
 =09=09=09[IMAGE]=09=09
=09Tuesday February 26, 2002=09[IMAGE] =09=09=09
=09=09=09[IMAGE]=09=09
=09=09=09[IMAGE]=09=09
[IMAGE]=09=09 RIGZONE [IMAGE] [IMAGE] [IMAGE] =09[IMAGE]=09=09
[IMAGE]=09=09 home    | news    | search    | maps    | data    | jobs    |=
 market    | store  =09[IMAGE]=09=09
=09=09=09[IMAGE]=09=09
[IMAGE]=09=09      [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 World=
wide Offshore Rig Utilization Oil & Gas Prices    [IMAGE]   [IMAGE]       I=
ndustry Headlines [IMAGE]      [IMAGE]       Helmerich/Payne Announces Spin=
 Off  Helmerich & Payne Inc.will spin off its oil and gas production operat=
ions into a separate company named Cimarex Energy Co.  Rescuers Search for =
Missing Crew After US Tanker Collision  Rescue workers are searching for fo=
ur men missing after a tug boat was in a collision with an oil tanker and s=
ank in one of the busiest inland wa! terways in the United States.   Global=
SantaFe Sells 'Key Bermuda' To Nabors Drilling   GlobalSantaFe Corporation =
announced today it sold the Key Bermuda offshore jackup drilling rig to Nab=
ors Drilling for $29 million in an all cash transaction.     [IMAGE]   [IMA=
GE]       Exploration [IMAGE]      [IMAGE]     [IMAGE]  ExxonMobil to Aband=
on Azerbaijan Well  ExxonMobil is to abandon its Nakhchivan-1 exploratory o=
il well in Azerbaijan's sector of the Caspian Sea after failing to find com=
mercial reserves  Sasol Receives Approval to Explore for Natural Gas Offsho=
re S. Africa  South African energy firm Sasol has received formal approval =
to look for natural gas off the country's west coast.    [IMAGE]   [IMAGE] =
      Production [IMAGE]      [IMAGE]     [IMAGE]  Kuwait's Burgan oilfield=
 cuts production due to oil leak  Kuwait's Burgan oilfield recently cut its=
 production by 60,000 barrels per day (bpd), which is equivalent to two thi=
rds of its output, due to a leak at a nearby oil-gathering center.  OPEC He=
ad: Oil Demand to Weaken   International oil demand is expected to be weak =
in the second quarter of this year.   K2 Energy Corp. Announced Major Shall=
ow Gas Pools to be Developed   K2 Energy Corp. announced reverse circulatio=
n drilling technology yielded gas flows 57% to 100% higher than rotary air =
drilled wells.     [IMAGE]   [IMAGE]       Company & Financial News [IMAGE]=
      [IMAGE]     [IMAGE]  Sale Completed for McMoRan Exploration Co certai=
n Oil and Gas Properties  McMoRan Exploration Co. announced that its oil an=
d gas exploration and production subsidiary, McMoRan Oil & Gas LLC, has com=
pleted sale of three oil and gas properties to a third party for $60 millio=
n.   ExxonMobil's Selects Gasoline Sulfur Removing Process   ExxonMobil ann=
ounced today that a unit of Williams has selected EMRE's proprietary SCANfi=
ning(a)gasoline sulfur reduction process to be applied at their Memphis, Te=
nnessee refinery.     [IMAGE]   [IMAGE]       Last 7 Days Top Stories [IMAG=
E]      [IMAGE]     [IMAGE]  Offshore Liftboat Sinks in the Gulf of Mexico =
 Nineteen rig workers were rescued from the choppy waters off the Alabama c=
oast as the wreckage of the liftboat floated nearby.  Hydralift Acquires Am=
Clyde  Hydralift ASA has entered into a contract to acquire substantially a=
ll of the assets and activities of AmClyde Engineered Products Company, Inc=
. from the bankruptcy estate of Friede Goldman Halter, Inc.  Tesco Awarded =
Algerian Drilling Contract  The Company has entered into an agreement with =
Steppe Forage, a major Algerian water well drilling contractor, to Casing D=
rill(TM) six water wells in western Algeria.  BP Renames Gulf of Mexico Dis=
covery  BP announced it has retired the name Crazy Horse, and has re-nam! e=
d its major Gulf of Mexico discovery Thunder Horse.  Bollinger Shipyards to=
 Build Three Supply/Utility Boats  Bollinger Shipyards has signed a contrac=
t to build three 145 foot supply/utility boats with Edison Chouest Offshore=
.  BJ Services Acquires OSCA, Inc.  BJ Services Company has signed a defini=
tive merger agreement to acquire OSCA, Inc. for $28.00 per share.  BP Annou=
nces GOM Pipeline Construction Plans  BP announced plans for the constructi=
on of three large-diameter crude oil pipelines to transport oil from the co=
mpany's major discoveries in the deepwater Gulf of Mexico.  Perenco Hits Of=
fshore Gabon  Perenco announces a new oil discovery named Ompoyi, offshore =
Gabon.  Ocean Rig's Cost for the Eirik Raude Goes Up The most recent estima=
te show that the completion of the Eirik Raude  at the yard in Canada will =
result in increased costs compared to previous estimates.  Statoil Sets Fra=
mework for Subsea Contracts  Statoil is to enter into frame agreements with=
 FMC Kongsbery Subsea AS, ABB Offshore Systems and Kvaerner Oilfield Produc=
ts for the delivery of subsea systems.  PetroChina Interested in Husky Asse=
ts  PetroChina is considering a multi-billion dollar acquisition of the ups=
tream business in Canada of Husky Energy Inc.  Pakistan and Iran Sign Pipel=
ine MOU  Pakistan and Iran signed a memorandum of understanding to undertak=
e a pre-feasibility study for a pr! oposed 1,600-mile Iran-India gas pipeli=
ne.    [IMAGE]   [IMAGE]       Upcoming Oil & Gas Industry Events [IMAGE]  =
    [IMAGE]     [IMAGE]  Feb. 26    2002 IADC/SPE Drilling Conference and E=
xhibition   Dallas Feb. 26    Offshore Oil and Gas Safety Seminars  Aberdee=
n Feb. 27    Human Resources in Oil & Gas  Aberdeen Mar. 10    AAPG Annual =
Meeting  Houston Mar. 17    Oil Field Chemistry Symposium - 13th Internatio=
nal  Geilo Mar. 20    LNG North America  Houston Apr. 2     e-Business in t=
he E?Industry - Target! ing the Value  Houston Apr. 7     CORROSION/2002  D=
enver Apr. 9     2002 SPE/ICoTA Coiled Tubing Conference and Exhibition  Ho=
uston May. 1     Nigeria Oil & Gas 2002  London  list your conference  view=
 upcoming events   [IMAGE]   [IMAGE]    [IMAGE]    [IMAGE] [IMAGE]  Click h=
ere to go to Baker Hughes  AADE  Global Completion Service  HoverDril  Ocea=
n International   [IMAGE]   [IMAGE]   promote your company      [IMAGE] [IM=
AGE]  [IMAGE]  2000 USA Oil Industry Directory  [IMAGE] [IMAGE]  Reservoir =
Formation Damage, Fundamentals, Modeling, Assessment, and Mitigation  [IMAG=
E] [IMAGE]  Introduction to! Offshore Safety and Survival, 2nd Ed.  [IMAGE]=
  [IMAGE]   [IMAGE]   more products   [IMAGE]      [IMAGE] [IMAGE]  feature=
d equipment: Gardner Denver PZ-8s  [IMAGE]   Gardner Denver 1100E Drawworks=
  [IMAGE]   [IMAGE]   [IMAGE]   more equipment      [IMAGE] [IMAGE]   featu=
red jobs:  - Service Supervisor, Cementing Services   Job Code 4735  - Serv=
ice Supervisor, Cementing Services   Job Code 4735  - Offshore Mechanic wit=
h at least 5 years experience.   more hot jobs >>   featured candidates:  -=
 EXPERIENCED DRILLING CONSULSANT   - work history  - Production Operator Gu=
lf of Mexico   search for candidates >>   [IMAGE]   [IMAGE]     [IMAGE] [IM=
AGE]   Drillships:  To 5000':   57.1% (8/14) +5000':   96.0% (24/25)  Semis=
ubs:  2nd Gen:   70.8% (51/72) 3rd Gen:  82.0% (41/50) 4th Gen:   97.4% (37=
/38) 5th Gen:   85.7% (6/7)  Jackups:  To 200':   55.2%  (37/67) 200' MC:  =
 41.7% (10/24) 200' MS:   14.3% (3/21) 300' IC:   90.6% (87/96) +300' IC:  =
 94.4% (51/54) Severe Env.:   85.7% (18/21)  [IMAGE]   [IMAGE]   view compl=
ete utilization report      [IMAGE] [IMAGE]  Light Crude Oil:  $20.52/BBL  =
(-2.61%) Brent Crude Oil:  $19.97/BBL  (-1.87%) Natural Gas:  $2.29/MMBtu  =
(-6.53%) Unleaded Gasoline:  $0.56/gal  (-4.75%) prices from:  2/25/2002 ch=
ange since:  2/22/2002  [IMAGE]   [IMAGE]    [IMAGE] =09[IMAGE]=09=09
=09=09=09[IMAGE]=09=09
=09=09=09  Promotional Opportunities Become a Sponsor, feature your job ope=
ning or, advertise your  upcoming industry conference.  Click here  for mor=
e information, send your press release to  info@rigzone.com  or call us at =
281-345-4040.   Member Services If you no longer wish to receive this newsl=
etter, you may unsubscribe by clicking here  or by logging in to Rigzone an=
d updating your profile.   You can also change the format you receive (HTML=
 or Text) and your email address by logging in and updating your account.  =
 Click here to log in .  =09=09
=09=09=09[IMAGE]=09=09
darrell.schoolcraft@enron.com