Drilling

Alaska Legislators Lobby Washington on ANWR

The issue of drilling in the Arctic National Wildlife Refuge(ANWR) in Alaska continues to heat up as state legislators continuein their attempts to pry open the restricted lands to natural gasand oil production. Members of the Alaska state legislature were inWashington, DC last week pleading their case for lease sales in thecontested area to begin in the near future, while trying to lay oldmyths to rest regarding the environmental impact.

March 12, 2001

MMS to Expand Deep-Water Royal Relief

To encourage drilling of marginal deep-water wells (200 metersand greater) in the Gulf of Mexico, the Minerals Management Service(MMS) has proposed a new rule expanding discretionary royaltyrelief for properties that would otherwise be considereduneconomic.

November 17, 2000

Industry briefs

Houston’s 3TEC Energy Corp. yesterday announced successfuldrilling results in St. Mary Parish, LA. The Amy Aycock No. 1 wellin the Garden City Field was drilled to a true vertical depth of15,033 feet, with 18 feet of net pay in the Operc 10 formation. Theoperation is expected to be completed by the end of this month.3TEC is the well operator, and it has a 75% working interest in thoperation. The well is the first in a series of 3-D seismicallydefined prospects expected to be drilled in the next year.

June 14, 2000

Drilling Deep Pays Off in the Gulf

Deep-water gas production reached 560 MMcf/d in 1998 from only381 MMcf/d the year prior, a 47% increase, according to datareleased yesterday by the Mineral Management Service (MMS). Another311.5 MMcf/d of deep-water gas production is expected to come online this year.

October 19, 1999

Private Investors Buy Bankrupt Avoca Salt Storage Project

Northeastern Gas Caverns LLC, a New York company, has purchasedall the salt cavern drilling rights, licenses and equipment ownedby the bankrupt Avoca Natural Gas Storage Co. for $8 million,promising to revive the project, once highly touted as the firsthigh-deliverability salt cavern storage in the Northeast. NGC alsohas agreed to assume a portion of Avoca’s secured debt.

July 12, 1999

Private Investors Buy Bankrupt Avoca

Northeastern Gas Caverns LLC, a New York company, has purchasedall the salt cavern drilling rights, licenses and equipment ownedby the bankrupt Avoca Natural Gas Storage Co. for $8 million,promising to revive the project, once highly touted as the firsthigh-deliverability salt cavern storage in the Northeast. NGC alsohas agreed to assume a portion of Avoca’s secured debt.

July 9, 1999

Canadians Target U.S. for Growth

Western Canadian gas is poised to play a larger role in the U.S.supply picture at a time when gas-directed drilling activity hasfar surpassed oil activity in the region, according to the CanadianEnergy Research Institute (CERI).

May 17, 1999

Canadians Target U.S. for Growth

Western Canadian gas is poised to play a larger role in the U.S.supply picture at a time when gas-directed drilling activity hasfar surpassed oil activity in the region, according to the CanadianEnergy Research Institute (CERI).

May 11, 1999

In Brief

Occidental Petroleum’s oil and gas drilling subsidiary laid off80 employees in Bakersfield, CA, on Wednesday, and will eliminateanother 130 jobs as part of a restructuring triggered by low crudeoil prices and its poor stock price performance. The subsidiary’swork force at its Bakersfield headquarters will be pared down to135 by eliminating 210 jobs and transferring another 50 employees.The company’s stock price plummeted last month to a new 52-week lowof 17 3/4 from a high of 30 3/4. It’s stock closed up 9/16 onWednesday following the announcement, but fell 1/8 Thursday to 221/8.

September 28, 1998

Technology Drives Prices, Drilling Lower

Certainly not BP’s Browne, who offered a litany of E&ampPtechnology advances. “In real terms, oil prices today are more than40% below where they stood a decade ago and comparable to levelslast seen before the Yom Kippur War 25 years ago. The reason we’reall still in business is that average finding, development andlifting costs have all fallen – on average by almost a third inreal terms over the last decade.”

September 21, 1998