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

To: A. Geiche who wrote (38221)	2/24/1999 5:54:00 PM
From: Bilberry	Respond to of 95453

Article below says oil stoppages potential due to Y2k: CIA Sees Y2K Problems Overseas By JIM ABRAMS Associated Press Writer WASHINGTON (AP) - The Year 2000 computer problem could cause serious disruptions abroad, including breakdowns in nuclear reactors and strategic missile systems, midwinter power outages and disruptions in world trade and oil shipments, a CIA official warned today. dailynews.yahoo.com

To: A. Geiche who wrote (38221)	2/24/1999 6:11:00 PM
From: Bilberry	Respond to of 95453

NEW DELHI, Feb 21 (AFP) - India's oil reserves will dry up in 13 years, a government document warned here on Sunday. It said the country would run out of its reserves by 2012 "even if only 30 percent of its demand is met through domestic production." The Ninth Plan (1997-2002) document released over the weekend said India's dependence on oil imports would rise by 10 percentage points to 70 percent by the last year of the plan period. Oil imports would also soar by 40 percent to 488 billion rupees (11 billion dollars) during the same period. Domestic oil production is currently stuck at around 35 million tonnes a year, whereas demand is 77 million tonnes and growing at seven percent a year. India has not had a major oil find in more than a decade and imported 31.8 million tonnes of crude -- or half the country's requirements -- in the fiscal year ending March 31. In a bid to boost production, the government decided to open the petroleum sector last year to private sector investment in exploration, production, refining and marketing. New Delhi says the sector will be completely deregulated by 2002. The document, a blueprint for economic growth prepared every five years, said "acceleration of exploration efforts especially in deep offshore areas as also in the forntier areas needed special attention." It said the government should provide "fiscal and financial incentives" to private companies to attract investment for exploration. "Exploratory activity should be given infrastructure status to attract necessary investments from both public and private sector companies," the document said. India has so far invited eight rounds of bids for block exploration since 1980, as well as one round offering small and medium oilfields for development as joint venture operations with Indian companies. But there has been undue delays in the awarding of contracts for oil exploration blocks. Contracts for some blocks offered in 1993 have yet to be signed.