Most oil and gas companies – 94% – report they expect to befully Y2K ready by next September, according to a survey that wasreleased yesterday at a conference of the oil and gas sectorworking group of the President’s Council on Year 2000 Conversion.

The survey, which was a follow-up to one done last September,gleaned the comments of 1,000 companies representing 88% of the oiland gas demand in the nation. It found that 86% of the oil/gascompanies were into the later stages of remediation and validationof their business computer systems; 78% were in the later phases ofY2K readiness with their embedded systems (systems that control theflow of oil and gas); and 67% were in the later phases with thesupply chain. The majority of the companies (97%) indicated thatthey will have contingency plans in place and tested by September.FERC Chairman James Hoecker, who is chairing the working group,cited some concerns about the industry’s readiness, but added thathe hopes “to see the coming of the Year 2000 turn out as thebiggest non-event in the history of computer technology.”

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