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

To: mph who wrote (23011)	5/28/1998 8:40:00 PM
From: Teddy	Respond to of 95453

NEWS Snips from Offshore Data Hope Mavis doesn't see this. UK: BP is postponing development of the marginal Clair field west of the Shetlands. The operator will not seek project sanction this year and is reviewing its work program in the field for rest of this year and next. BP cited low oil prices, complexities of Clair's geology and technical risks the reservoir as key factors in the move. Uncertainty over the UK fiscal regime also played into the decision. BP is proceeding the Clair's Environmental impact study. NORWAY: Some Saga Petroleum staff members staged protests last week over the company's plans to cut staff and outsource corporate functions in financial planning, office services and real estate. Saga announced last week that it was cutting about 140 positions and would trim its exploration budget by about 25 percent. MOSCOW: The Russian government's attempt to sell a stake in its last large oil interest, Rosneft, has flopped. No one wanted to meet even the opening price of $2.1 billion for a 75 percent stake in Rosneft, which currently produces some 265,000 b/d of oil. The government will attempt a new auction as soon as next week. I know, it sounds like a joke, but i just copied and pasted it. FALKLANDS: Amerada Hess will plug and abandon the initial well drilled off the Falkland Islands. Well 14/09-1 in Tranche A encountered noncommercial traces of hydrocarbons. THAILAND: Thai Shell Exploration & Production expects to complete the sale of its Block B6/27 offshore Thailand by the end of August. Thai Shell indicated earlier this year that it wanted to focus on exploration and production in other areas. Shell also is selling its interest in an onshore concession. Nearly two dozen companies have expressed interest in the concessions but it is not known how many firm offers have been submitted to the operator.