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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: CpsOmis who wrote (53132)	10/18/1999 7:45:00 AM
From: oilbabe	Respond to of 95453

OPEC Compliance With Output Quotas Falls to 92.5% in September, MEES Says Nicosia, Oct. 18 (Bloomberg) -- The Organization of Petroleum Exporting Countries' compliance with self-imposed oil output cuts of 4.3 million barrels a day fell by 2 percentage points in September to 92.5 percent, the Middle East Economic Survey reported. OPEC's total production, excluding Iraq, which is not participating in the cutback program, rose by 80,000 barrels a day to 23.3 million barrels a day. Saudi Arabia, the world's biggest oil producer, boosted output last month by 50,000 barrels a day to 7.5 million barrels a day, the report said. Benchmark Brent crude oil has risen to $22.50 a barrel from less than $10 in December as 10 members of OPEC and four other nations agreed to cut world oil output by a total of about 7 percent for one year, starting on April 1, to end an oil glut. (MEES 10/18)

To: CpsOmis who wrote (53132)	10/18/1999 7:46:00 AM
From: oilbabe	Read Replies (1) \| Respond to of 95453

OPEC President Warns Members to Comply With Output Cuts or Risk Price Drop Nicosia, Oct. 18 (Bloomberg) -- Qatar's oil minister, Abdullah bin Hamad al-Attiyah, who is also the current president of the Organization of Petroleum Exporting Countries, has sent a letter to his OPEC colleagues warning them that oil prices could fall if compliance with self-imposed output cuts declines, the Middle East Economic Survey reported. Al-Attiyah's letter, sent after oil prices fell by about 7 percent on Oct. 8 on reports that OPEC pumped more oil in September than the month earlier, said that media reports about declining compliance with output cuts, while exaggerated, could not be dismissed outright. The OPEC president said that a doubling of Brent crude oil prices this year to $22.50 a barrel was ``more superficial than real,' as the average oil price in 1999 is still only about $3 a barrel more than in 1998, the report said. According to a Bloomberg survey, OPEC made 92 percent of its promise to cut 4.3 million barrels of oil per day in September, down from a revised 94 percent in August. (MEES 10/18)

To: CpsOmis who wrote (53132)	10/18/1999 7:44:00 PM
From: Teddy	Respond to of 95453

hummmm, what does today's news bring? too late to sell and too soon to buy? Top 6 snips from Offshoredata: oh, Teddy's comments too 1. U.S. GULF: Market speculation has day rates for new contracts in the shallow water Gulf of Mexico jackup fleet in the $18,000 to $20,000 range within the next 30 days. Several contracts have been signed recently in the $15,000 to $16,000 range. 9 weeks from now (count 'em, n-i-n-frickin' e weeks ya all be beggin' for a rig at 30K. 2. U.S. GULF: R&B Falcon jackup CLIFFS 155 completed a contract with Hall Houston. The rig now is on location in East Cameron Block 160 for the start of a two-well plus one-option contract with Transworld E&P. That's what we do in a BOOM: drill an move to the next contract. 3. U.S. GULF: R&B Falcon jackup FALRIG 20 completed a contract with Tana Oil & Gas. The rig now is waiting on weather to begin a two workover plus one option contract with Sonat Exploration GOM in High Island Block A-465. i can 't waite for the weather anymore: i don't care what it cost: get a rig in there now!!!!!!!! 4. U.S. GULF: Jackup ENSCO 93 completed a contract with Coastal Oil & Gas. The rig arrived on location yesterday in West Cameron Block 185 to begin a one-well contract with Aviara Energy.Da da way it autta be: finish one, drill the next. 5. U.S. GULF: Jackup GLOMAR HIGH ISLAND VIII completed a contract with Ocean Energy. The rig is waiting on weather to move to Vermilion Block 318 to begin a 30-day contract with CNG Producing.Note to GLM Management: this is turn key, every day you "waite on the weather" cost your shareholders. Teddy, of course, will never be one. 6. U.S. GULF: Jackup MARINE 3 received a 30-day contract extension from Basin Exploration, keeping the unit under contract until early December. The rig then has a 30-day well planned with Walter Oil & Gas. Way to go: extend the contract and sign one to start right away.