Exploration

The 20% boost to exploration and production budgets this yearshould result in record results for offshore drilling, especiallythe Gulf of Mexico, according to drilling contractor Global MarineInc.’s annual Summary of Current Offshore Rig Economics — SCORE.In November and December 2000, GOM drilling increased 3.5%, andsoared 58.2% from a year ago. Worldwide, drilling was up 49.7% from1999.

Success in deepwater exploration in the Gulf of Mexico improvedthe outlook for both oil and natural gas resources, according to anupdated report by the Minerals Management Service. The 2000 MMSresource assessment now indicates that there is a 65% increase inconventional recoverable oil reserves and a 35% increase in naturalgas on the outer continental shelf.

Success in deepwater exploration in the Gulf of Mexico improvedthe outlook for both oil and natural gas resources, according to anupdated report by the Minerals Management Service. The 2000 MMSresource assessment now indicates that there is a 65% increase inconventional recoverable oil reserves and a 35% increase in naturalgas on the outer continental shelf.

The 20% boost to exploration and production budgets this yearshould result in record results for offshore drilling, especiallythe Gulf of Mexico, according to drilling contractor Global MarineInc.’s annual Summary of Current Offshore Rig Economics — SCORE.In November and December 2000, GOM drilling increased 3.5%, andsoared 58.2% from a year ago. Worldwide, drilling was up 49.7% from1999.

Upon completion of its much awaited drilling operations at itsdeepwater exploration well on the Dana Point prospect in the Gulfof Mexico, Unocal Corp. announced that its $36 million investmentin the $51 million well drilling project produced nothing but a dryhole.

There has been a huge increase in exploration and production”overspending” in the U.S. and Canada this year because of enormousgas price increases, and that probably will continue into 2001,said Salomon Smith Barney (SSB) E&P analysts in their 19thannual worldwide E&P spending survey.

There has been a huge increase in exploration and production”overspending” in the U.S. and Canada this year because of enormousgas price increases, and that probably will continue into 2001,said Salomon Smith Barney (SSB) E&P analysts in their 19thannual worldwide E&P spending survey.

Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.

Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.