Things are looking up, at least a little, for offshore rigutilization, according to Duff & Phelps Credit Rating Co.(DCR). The firm says operating rates have increased steadily overthe past 12 months as drilling day rates for a shallow waterjack-up rig have risen from a low of $22,000 to current levels ofaround $50,000. Offshore rig utilization has also steadilyincreased from a low of 72% during the summer of 1999, to 81% inFebruary 2000. Oil prices are averaging better than $20/barrel andOPEC countries continue to adhere to new, reduced productionquotas, resulting in lower reported crude oil supplies. Also,according to Oil & Gas Journal, natural gas energy consumptionis projected to increase 8.4 % by 2002.
Phelps
Articles from Phelps
People
Westcoast CEO Michael Phelps announced that Irv Koop has beenappointed executive vice president of Westcoast Energy Inc. andpresident and CEO of pipelines and midstream operations. Inaddition to his ongoing responsibility of overseeing pipeline andfield services divisions, Koop will take on new responsibility forWestcoast Gas Services, Foothills Pipe Lines and other pipelines inwhich Westcoast Energy has an interest, such as Alliance andMaritimes & Northeast. Doug Haughey, previously executive vicepresident of Engage Energy. has been appointed president of thepipeline and field services divisions.
November 10, 1999
DCR Rates First-Ever Weather-Linked Notes
Duff & Phelps Credit Rating Co. has assigned ratings tosecurities issued by Kelvin Ltd. (Kelvin) that represent thefirst-ever securitization through the capital markets of aportfolio of weather-related risks aggregated by Koch EnergyTrading.
November 1, 1999
Listen to the latest episode of our newest podcast NGI's Hub and Flow via:
