Pipeline being laid - and a lot of it.
(Has anyone else noticed that Cramer has been using the word sanguine several times in the past week. He is reading this thread - yet he is obstinate in regards to the sector.)
Wednesday April 29, 1:07 am Eastern Time
Offshore pipeline construction at peak in '97 -ODS
HOUSTON, April 28 (Reuters) - Global offshore pipeline construction hit its highest level in over 10 years in 1997, with 5,088 miles of pipe laid under the world's seas, Houston-based Offshore Data Services said Tuesday.
The 1997 total was up sharply from 1996, when 3,537 miles of offshore pipeline were laid around the world, it said.
The 1998 total is likely to be even higher with 5,300 miles of pipeline projected for completion, in addition to 450 miles already installed, it added.
Offshore Data Services said the figures were drawn from its ''Offshore Field Development International'' report, which is published six times a year and keeps track of all offshore oil and gas construction projects worldwide.
Reasons for the increase in pipeline construction include the oil and gas industry's expansion into deep waters, especially in the U.S. Gulf of Mexico, long export pipelines tying into existing infrastructure, more subsea satellite tiebacks and a general increase in exploration activity, the report said.
Offshore Data Services said 460 pipeline projects were currently planned or in the engineering phase, while 61 pipelines were in various stages of construction.
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