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

To: marc chatman who wrote (20919)	4/30/1998 4:55:00 PM
From: pz	Respond to of 95453

By Tanya Pang OSLO, April 30 (Reuters) - Norway will monitor oil companies every four months to make sure they have reduced crude output by around three percent as ordered by the government, the Norwegian Petroleum Directorate (NPD) said on Thursday. The companies are due to start turning down the taps at oilfields on the Norwegian continental shelf by around 100,000 barrels per day (bpd) from Friday. "We have divided the rest of the year into two four-month periods and we shall check on production with the oil companies every fourth month," Jan Hagland at the NPD told Reuters. The government ordered the cut to the country's 3.2 million bpd of output in line with a drive by OPEC and other producers in an effort to mop up a glut in supplies which depressed crude prices to nine-year lows. The reductions apply to 36 fields offshore Norway, the world's biggest oil exporter after Saudi Arabia, and will last until the end of the year. Gas and gas condensate fields which produce oil as a by-product are omitted from the cuts. This means the Frigg, East Frigg and Troll 1 gas fields are excluded, as well as the Heimdal, Little Frigg, Tommeliten, Gamma and Sleipner gas condensate fields. State oil company Statoil [STAT.CN], by far the largest operator in Norwegian waters handling the Statfjord and satellite complexes, Gullfaks, Norne, Heifrun, Veslefrikk, Tommeliten and Yme fields, said it would "turn the valve a half turn" at the developments. The main Statfjord area, which straddles the British continental shelf, is excluded from the reduction but the Statfjord North and East satellites are included. "At the end of July we will assess if we are running above or below the new figures from the ministry and then adjust production appropriately in August," said Statoil spokesman Hans Aasmund Frisak. All of Norsk Hydro's fields -- Oseberg, Brage, Troll oil and Njord -- will be included in the action, while the Ekofisk area has been given a partial exclusion due to its gas deliveries. Ekofisk operator Phillips said it will begin cutting back output from September 1 although the entire Ekofisk stream -- including the Ula, Gyda, Valhall and Hod fields -- will be closed between August 7 and 23 for the tie-in of the Ekofisk 2 development. Amoco , which is operator of Valhall and Hod, said it plans to produce at full steam from May to July and will review its output and any required adjustments to production once the fields are back on stream from the August turnaround. Operator for Ula and Gyda, British Petroleum , said it would take three percent off the annual production forecasts for the fields, which are 34,000 bpd and 33,000 bpd, respectively. Scheduled maintenance stops will halt throughput from May 1 for 15 to 17 days at the North Sea Snorre and Vigdis fields, leaving Saga Petroleum ASA with only the 70,000 bpd Tordis field in production for the first half of the month. Shell said it would adjust the daily crude rate at the Norwegian Sea Draugen development. "We will go down roughly to 190,000 bpd from around 200,000 bpd," a spokesman said.

To: marc chatman who wrote (20919)	4/30/1998 6:38:00 PM
From: j g cordes	Read Replies (1) \| Respond to of 95453

If this site isn't already known here.. it has some good charts:http://lonestar.texas.net/~rgdoczzz/osx.htm Jim

To: marc chatman who wrote (20919)	4/30/1998 7:28:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

marc, I like RDC because they paid down/redeemed completely one class of senior subordinated debt. In its January 1998 earnings release the RDC CEO stated that paying down that class of debt saved RDC $10mmm annually in principal and interest payment. So RDC is actively lowering its costs of doing business- which I like to see.... I also saw a portion of a brokerage report on EVI last week (Issued by DLJ I believe? Not totally sure..) which indicated that post-merger with WII that cash flow would reach $6.02/share later in 1998.... Sincerely, Doug F.