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

To: pz who wrote (21842)	5/11/1998 8:20:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

This should make us proud of our leaders....LOL. I would hope this would be a no-brainer. WASHINGTON, May 11 (Reuters) - As expected, the White House officially notified the Department of Energy on Monday that it could cancel a $207.5 million oil sale from the Strategic Petroleum Reserve. "We have stopped the sale and scored a victory for American taxpayers who stood to lose $175 million or more by selling oil at less than half the price we paid for it," U.S. Energy Secretary Federico Pena said in a statement. Under an emergency spending bill passed by Congress last month, DOE was allowed to forgo the oil sale that had been previously mandated by lawmakers to raise money to cover the reserve's operating costs. However, the price of oil subsequently dropped, and if the sale had gone through taxpayers would have lost millions of dollars. The government maintains the reserve as a buffer against oil supply disruptions. The reserve currently holds 563 million barrels, but the scheduled sale could have lowered the inventory to less than 542 million barrels, its lowest stocks since 1987, according to the DOE.

To: pz who wrote (21842)	5/11/1998 8:25:00 PM
From: Chas	Read Replies (1) \| Respond to of 95453

Deep Water Plays:Where the Action Remains This is the title for a well researched article by Susanne S. Pagano in the April issue of SEA TECHNOLOGY magazine. In it, she gives the details of $12 billion worth of newbuild rigs (60 plus), including which drillers are buying or modifying rigs, which oil cos are contracting the rigs, which shipyards are doing the construction, and where the drilling will take place. A very positive article on deepwater drilling. Drillers mentioned: RIG, GLM, FLC, Navis AS (Norway), Pride, NE, Ocean Rig ASA (Norway),Smedvig (Norway), Sedco Forex, Chiles,ESV, Santa Fe, and RDC. Shipyards mentioned where construction is underway are AMFELS Brownsville Texas (RIG), Samsung (FLC), Keppel FELS Singapore(FLC),Lisnave Portugal (FLC),Harland and Wolff Ireland (GLM), Hyundai (Pride), Davie Quebec (Pride), Dir des Constructions Navales France (Pride), Verolme Botlek Netherlands (Pride) HAM (NE), TDI Halter (NE), Dalian China and HAM (Ocean Rig ASA), plus others. The article goes on to describe where the rigs will drill, and goes into some detail. I checked the magazine web site (www.sea-technology.com) but no online copy of the copyrighted article is available. It seems the major oil cos are hell bent for drilling in the deepwater regardless of short term oil prices. Good Luck, Chas