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

To: Wowzer who wrote (68164)	6/13/2000 6:11:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

I think the NASDAQ could move a bit higher with a weak CPI number, BWDIK? I agree Rory, let the market tell us where it wants to go, especially if you are trading and not looking out to the horizon! I rcvd this in my email, thought it might interest someone: GTI Report Highlights Growing Role of Gulf of Mexico, Canada, and Non-Conventional Gas Production in Future Gas Supply ARLINGTON, Va., June 13 /PRNewswire/ -- Gas Technology Institute (recently created by the merger of GRI and the Institute of Gas Technology) today released a report outlining supply technology factors that will enable the U.S. and Canadian gas supply to expand despite recent turbulent markets. The report -- "Natural Gas Supply Sector Summary" (GRI-00/0012)-- examines the ongoing expansion of North American gas supply and the steady technological advances that will be required to continue those increases over the next 15 years. Factors enabling producers to expand gas resource prospects and reduce costs include the following: -- Technology advances are expected to increase the economic lower-48 resource base by 250 Tcf and Canadian recoverable resources by 125 Tcf. Improved geologic knowledge and advances in exploration technology will help find gas productive areas and plays not yet included in the assessed resource base. New production technology will improve recovery from existing fields. More efficient completions will turn formerly uneconomic resources into reserves. -- The upward trend in drilling success rates will continue. By 2015, development and exploratory success rates are expected to approach 85 and 30 percent, respectively. Producers will reap these benefits as contributions to their bottom lines. -- Onshore and offshore drilling costs per foot will decline in all depth ranges. Advanced bits, drilling fluids, better rig designs, and greatly improved operating efficiency will contribute to this reduction. The report includes a highly graphical executive summary with 14 graphs and tables. The analysis summarizes U.S. and Canadian gas resources, activity levels, drilling trends, and production. Particular emphasis is given to depth issues relating to onshore and offshore areas. Special discussion is devoted to issues affecting emerging resources, including shale, tight gas, and coalbed methane. "Technology has been a facilitator to allow producers to develop new gas supply niches. For example, before the mid-1980s, coalbed methane production was essentially zero. Today, it contributes 1.2 Tcf annually to gas production and represents 6.5 percent of supply," said John Cochener, GTI project manager and principal analyst-resource evaluation. "The deepwater Gulf of Mexico and Ft. Liard region of Canada are two fresh examples of emerging gas supply." The Gulf of Mexico deepwater play and Canada will form the building blocks for future incremental gas supply. Central and Western Gulf of Mexico gas production is projected to increase to levels in excess of 8 Tcf by 2015. Canadian gas production is projected to grow from 5.8 Tcf (1998) to 7.7 Tcf in the same period. Activity in western Canada is expected to increase substantially, with production increasing by 1.4 Tcf by 2015; and emerging production from offshore eastern Canada is projected to reach 0.6 Tcf. "Technology has helped producers survive the 1998 slump and position themselves to produce into today's attractive $4 gas and $30 crude oil price environments," Cochener said. Deep onshore production (depths greater than 15,000 feet) is projected to increase to 3.5 Tcf per year by 2015, representing 19 percent of onshore production. In particular, deep gas production in the Texas and Louisiana Gulf Coast region is expected to account for about 60 percent of the projected lower-48 onshore deep production increase. Deep gas activity and production is also expected to increase in the Permian Basin and Mid-Continent. Questions about the report or ordering should be addressed to Kelly Murray, GTI Baseline Center, Arlington, Va., at 703/526-7832; by fax at 703/526-7805; or by E-mail: baseline@gri.org. The report (GRI-00/0012) can be ordered directly from the GTI Document Fulfillment Center by fax at 630-406-5995. The report is $30 for GTI members and $40 for nonmembers, plus shipping and handling. GTI, headquartered in Chicago, manages a research, development and commercialization program that benefits the entire natural gas industry and its customers, as well as targeted RD&C efforts in partnership with individual organizations and consortia. GTI technologies improve the competitiveness of natural gas and provide cost savings and other benefits for customers. SOURCE Gas Technology Institute CO: Gas Technology Institute ST: Virginia, Canada, Mexico IN: OIL SU: 06/13/2000 17:38 EDT prnewswire.com