OT Only the Democrats have been saying that Florida voters are "confused" and "weak".
BTW, it looks like the Africans are taking the success of Sudan to heart and there will be a lot more drilling off the African Coast:
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Oil & Gas Journal Online's Upstream This Week
Friday, Dec. 1, 2000
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MAIN STORY
Offshore West Africa to lead industry spending
THE MARKET AT A GLANCE
Wednesday's closing futures prices:
--- NYMEX light sweet crude, Jan. delivery, $34.63/bbl
--- NYMEX (Henry Hub) natural gas, Jan. delivery,
$6.181/MMbtu
--- IPE Brent crude, Jan. delivery, $32.68/bbl
Offshore West Africa to lead industry spending
~~~~~~~~~~~~~~~~~~
Capital investment in field developments off West
Africa is anticipated to outpace spending in all other
offshore oil and gas provinces in the next decade,
leaping five-fold to roughly $10 billion per annum by
2005, according to a new report from UK analysts
Douglas-Westwood Ltd. and data specialists Infield
Systems Ltd.
Dominic Harbinson, who co-authored the Offshore West
Africa Report with Roger Knight, said: "Within the
foreseeable future, capital investment could eclipse
that in established regions such as the North Sea and
the Gulf of Mexico." Knight said the "remarkable
series" of deepwater discoveries over recent years mean
that 2000-2005 will establish the region as a "world
leader in terms of offshore E&P activities."
Over the 2000-2005 period, the report forecasts
companies will invest the following in the offshore
provinces of the 10 West African nations:
Angola, $15.645 billion; Benin, $39 million; Cameroon,
$982 million; Congo, $1.859 billion; DR Congo, $61
million; Equatorial Guinea, $1.450 billion; Gabon,
$1.587 billion; Ghana, $714 million; Ivory Coast,
$1.756 billion; and Nigeria, $11.208 billion.
The authors expect French megamajor TotalFinaElf SA --
which holds close to a third of the estimated 15.8
billion bbl of reserves slated to be brought onstream
off West Africa in the next 5 years -- to take up the
dominant position of operatorship in the region. Soon-
to-be-merged ChevronTexaco Corp., the US's ExxonMobil
Corp., and Anglo-Dutch energy giant Royal/Dutch Shell
Group are shaping up to be the province's other major
players within this time frame.
E&D NEWS BRIEFS
~~~~~~~~~~~~~~~~~~
The licensees at Statoil's Yme field have decided to
close down production from the small Norwegian North
Sea development next summer, on the basis of new
production and oil price forecasts which look to make
Yme uneconomic. The contract with Maersk Contractors
Norge AS, which owns and operates the Maersk Giant
production jack-up that has producing oil from the
field since Feb. 1996, has been cancelled as of June 1,
2000.
OPTI Canada Inc. plans to build a $450 million (Can.)
oilsands project in the Fort McMurray region of
northern Alberta. Initial output would be 30,000 b/d.
And Japan Canada Oil Sands plans to increase output at
its Hangingstone pilot from 1,500 b/d to 10,000 b/d by
2005.
India's Oil & Natural Gas Corp. awarded a $27 million
contract to National Petroleum Construction Co., a unit
of the Abu Dhabi National Oil Co., for a platform and
the laying of submarine pipelines in the Bombay High
field off India. The platform, to be dubbed ZA, is a
pilot project for a larger scheme to increase
production from the Bombay High field.
The Angolan E&P units of European oil giants BP PLC and
the Royal/Dutch Shell Group yesterday announced a
fourth oil discovery on prolific deepwater block 18
offshore Angola. The Paladio well was tested at 3,980
b/d of 31° API crude suggesting, according to oil
companies, the "possibility of a significant oil
accumulation." BP said "further work will needed to
evaluate the full extent of Paladio."
Agip China BV will invest $8 million in gas exploration
on the Sebei block in northwestern China's Qaidam
basin. The sum will cover the first 2 years of work
under a contract that Agip and China National Petroleum
Corp. signed in May this year.
Lundin Malaysia Ltd., subsidiary of Swedish independent
Lundin Oil AB, was awarded Block PM305 off Malaysia,
company official reported. The block contains one
discovery, the Ophir well, which flowed 2,000 b/d of
crude. The company plans to acquire 3D seismic over the
existing discovery and to drill at least three
exploration wells over the next 3 years.
Vanco Energy Co. and Lasmo PLC signed exploration
permits with the Moroccan national oil company ONAREP
on Friday. The agreements convert two existing permits
from reconnaissance to exploration permits. The
reconnaissance permits, issued in 1998, were intended
to explore the Essaouira basin off Morocco.
Repsol-YPF SA has found oil with well A-1 in
exploration block NC-186 of the Murzuq basin in the
Sahara Desert, 800 km south of Tripoli. The well struck
an oil column in the sandstone Hawaz formation and has
tested up to 2,500 b/d of 41° oil from a 3/4-in. choke.
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COMPANY NEWS
~~~~~~~~~~~~~~~~~~
Houston-based offshore drilling contractor Global
Marine Inc. reports its Summary of Current Offshore Rig
Economics (SCORE) for October increased to 34.8, up
2.9% from September. October's SCORE is up 49.7% from
the same month a year ago and is down 23% from the same
month 5 years ago.
Vintage Petroleum Inc., Tulsa, will buy Cometra Energy
(Canada) Ltd., Calgary, from Electrafina, part of
Groupe Brussels Lambert SA. Vintage will pay $46.3
million (US) in cash. The US company intends to spend
$6.5 million in 2001 on exploration and development
projects arising from the acquisition, mostly in
Canada. Cometra, an exploration company, has operations
in Western Canada and Trinidad. Cometra owns 13
producing fields in the provinces of Alberta, British
Columbia, and Saskatchewan; processing and pipeline
facilities; and 146,000 undeveloped acres.
###
Compiled by Jennifer Smith <jsmith@PennNET.com>
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