Spinnaker Exploration Co. said that as of June 30, the company has estimated net proved reserves were 307.2 Bcfe, an increase of 150% over estimates made as of June 30, 2000 and an increase of 68% over estimates made as of Dec. 31, 2000. The company said its proved reserve replacement ratio during the first half of 2001 was 579%. Production in the first half of 2001 was 26 Bcfe. Activities in the first half of 2001 were once again exclusively related to exploration operations. The company’s estimated net proved reserve additions during the first half of 2001 totaled 150.5 Bcfe and represented 82% of year-end 2000 reserve totals of 182.7 Bcfe. Proved reserve estimates include 56% natural gas and 44% oil.

Netcoast Communications Inc. announced that it has entered into an agreement with Dominion Transmission Inc., a subsidiary of Dominion Inc., to provide equipment and services for use in corrosion surveys on natural gas pipelines. The service agreement calls for Netcoast to provide, install, test, evaluate and demonstrate the remote control and data gathering capabilities of its current interrupters as they are used in monitoring selected Dominion Transmission rectifier sites. Netcoast said the agreement is for four units and is expected to generate $50,000 in revenue over a five-month period.

The Alliance to Save Energy reported earlier this week that BP has become the first and only petroleum company to join its organization, which helps to promote energy efficiency worldwide. “As the world’s third largest oil company, BP is a good example of how the private sector can utilize energy efficiency to not only affect their bottom line, but also improve the environment,” said Senator Jeff Bingaman (D-NM), who is also the Alliance chairman. BP U.S. Regional President John Manzoni said BP “recognizes” the part energy plays in the economic security and quality of life of every country. He added that promoting a “balanced approach” of conservation, energy efficiency, exploration and technology should be a key focus.

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