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

To: Broken_Clock who wrote (4659)	12/9/1997 6:16:00 AM
From: Bazmataz	Respond to of 95453

>>In the U.S. exploration and production, Phillips is moving out of the shallow water Gulf of Mexico and into the deepwater as the economics of the shallow water have been damaged by rising oil service costs. Phillips investor relations officer Ed Grigsby said that production from its subsalt Mahogany field, which is in the shallow waters of the Gulf of Mexico had been delayed due to the complex geological structure of the region. ''The last well drilled out into the subsalt cost $50 million...which is much more than was budgeted,'' Grigsby said. << This excerpt is worrisome for shallow water drillers in the Gulf, perhaps for shallow water drillers as a whole. Which companies might be affected by this the most? BC