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

To: Harlan Moore who wrote (26146)	7/21/1998 8:08:00 PM
From: P.Prazeres	Respond to of 95453

Norway's Oil Directorate Calls for Solution to Oil Rig Shortage Stavanger, Norway, June 4 (Bloomberg) -- Norway's Oil Directorate has asked the country's oil and shipping industries to outline a plan by June 15 to deal with the ''acute'' shortage of drilling rigs and ''alarming'' lack of special equipment, newspaper Aftenposten said, citing Oil Director Gunnar Berge. Solutions could include building new floating drilling platforms and drill ships, upgrading the existing fleet, and using alternative field development solutions which are less dependent on floating drilling rigs, the paper said. Annual oil production on the Norwegian shelf, which has steadily increased since 1970, fell for the first time last year to 3.06 billion barrels of oil, according to the directorate's estimates. Oil investments on the Norwegian shelf are expected to reach 75.9 billion kroner ($10.24 billion) this year, mostly due to a record high level of field investments at 38.5 billion kroner, while the current tight rig market and low oil price can temporarily delay exploration activity, Statistics Norway said today _____ Yes, i know this was june 4th, but i thought some on the thread would like to know.