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

To: Cragganmore who wrote (41736)	4/7/1999 9:53:00 AM
From: The Ox	Respond to of 95453

WFT - Weatherford acquires 2 companies (both press releases below): 1) Weatherford Acquires Austoil Technology Ltd. - Deal Adds Proprietary Extended Reach Drilling Products To Weatherford's Production Enhancement Offerings - HOUSTON, April 7 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) today announced the acquisition of New Zealand-based Austoil Technology Ltd. Austoil Technology Ltd., a subsidiary of the Austoil Group, develops products for extended reach and long horizontal section drilling applications. The acquisition provides Weatherford with patented mechanical friction reduction technology, including roller-based tools that reduce drag and torque in rotary drilling, coil tubing drilling, cementing and sand screen applications. The unique Austoil roller technology significantly augments Weatherford's extensive offering of products that are critical for successful extended reach and horizontal applications. Austoil products have been used extensively in the North Sea and are recognized for their ability to significantly reduce torque and drag in these types of reservoirs. Houston-based Weatherford International, Inc. is one of the largest global providers of engineered products and services to the drilling and production segments of the oil and gas industry. Austoil Technology Ltd. was incorporated in New Zealand in 1996 by Austoil Group to provide ongoing research and development of technologically advanced solutions to problems encountered in extended reach drilling. SOURCE Weatherford International, Inc. CO: Weatherford International, Inc.; Austoil Technology Ltd. ST: Texas, New Zealand IN: OIL TLS SU: TNM 04/07/99 08:41 EDT prnewswire.com =========================================== 2) Weatherford Acquires Underbalanced Drilling Specialist HOUSTON, April 7 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) today announced the acquisition of ECD Northwest from Clearwater, Inc. ECD Northwest is a leading provider of underbalanced drilling services with a full range of compressible fluid drilling systems, including air/gas, mist, aerated fluid and foam. ECD owns patented foam technology with proprietary chemistry for optimal shale and corrosion control in underbalanced modes. ECD also markets hydraulic software for multiphase flow and data acquisition capabilities. The ECD Northwest acquisition expands Weatherford's capabilities in underbalanced drilling. It complements Weatherford's rotating blowout preventers and high temperature motor technologies to offer a complete underbalanced system. The acquisition is also synergistic with Weatherford's growing capabilities and tools in re-entry, thru-tubing and completion systems, more particularly, liner hangers and inflatable packer systems. Houston-based Weatherford International, Inc. is one of the world's largest providers of engineered products and services to the drilling and production segments of the oil and gas industry. Clearwater, Inc. is a Pittsburgh, PA.-based provider of innovative chemistries, engineering and natural gas dehydration solutions to improve the productivity of new and existing oil and gas wells. SOURCE Weatherford International, Inc. CO: Weatherford International, Inc.; ECD Northwest; Clearwater, Inc. ST: Texas, Pennsylvania IN: OIL SU: TNM 04/07/99 08:42 EDT prnewswire.com

To: Cragganmore who wrote (41736)	4/7/1999 9:55:00 AM
From: diana g	Read Replies (3) \| Respond to of 95453

Re: Kuwait forecasts $18 Oil (Brent) Cragganmore, I'm going to post the article to your link since Bloomberg won't keep it there indefinitely. I think this is important to recognize: OPEC doesn't want $30 Oil. They want Brent in the high teens. Some may doubt that Producers can succeed in their efforts to hold the price up, but does anyone doubt they can keep it from going higher than they want it? -- d quote.bloomberg.com Energy News Wed, 7 Apr 1999, 9:46am EDT Oil Prices Could Soon Reach $18 a Barrel, Kuwait Forecasts Kuwait, April 7 (Bloomberg) -- Oil prices close to an 11- month high could gain another 20 percent soon, though exporters would prevent a rise much above $18 a barrel to keep idle oil fields from returning to use, Kuwait's oil minister said. Oil prices, after reaching a 12-year low in December because of an oil glut, are up about 45 percent since then to $14.75 for Brent crude oil as exporters promised to cut global oil supplies by 2.1 million barrels a day, or 2.7 percent. The new cuts were scheduled to take hold April 1. After the newest round of cuts, the Organization of Petroleum Exporting Countries has about 21 percent of its capacity idle, signaling the potential for increased production should prices rise, according to the Centre for Global Energy Studies, a London-based consulting firm. ''There is an intention to prevent a surge in oil prices so as no funds are used in new oil investments which eventually flood the market and increase the surplus, thus repeating the cycle,'' said Kuwait Oil Minster Sheikh Saud Nasser al-Sabah, Kuwait's official news agency reported. Oil prices ''would soon climb to $17 to $18'' for a barrel of Brent crude, he said. Brent crude oil on the International Petroleum Exchange in London last week reached an 11-month high of $15.28 a barrel. Billions Lost Oil exporters have lost billions of dollars from low prices during the last 16 months, forcing OPEC members to end their disputes and agree to cut output for the third time in the past year. Last year OPEC and other exporters promised to cut 3.2 million barrels of daily output though failed to comply with their quotas and boost prices. Analysts said prices could reach $18 a barrel before the end of the year with the new round of cuts. ''It all depends on compliance,'' said Jassem al-Saddoun, an oil analyst with Kuwait-based Al Shall economic research center. ''If they keep their promise, prices could reach nearly $20 by the end of the year. If they don't, then they would probably hover in $14 to $15 range.'' OPEC met 77.6 percent of its promised oil output cuts in March, according to a Bloomberg survey, up from 70.7 percent the month before. Officials insisted that this round of cuts would be the group's last and will succeed in relieving bulging supplies. ''It was coherent plan, and although difficult to reach, all countries felt it was consistent with their interests,'' al- Sabah said. Kuwait, which is expected to cut its oil output by about 144,000 barrels per day as part of the new initiative, now has an OPEC production ceiling of 1.83 million barrels a day.