UK: COST-CUTTING MEASURES FROM LASMO

Article Abstract:

A number of cost-cutting measures are to be introduced by independent oil exploration group Lasmo. Having already reduced its head office employees from 360 to 200 and outsourced its accounting division to Arthur Andersen, the company is considering relocating a number of back office functions to Karachi in Pakistan. It also hopes to make savings from online procurement, and the transmission of seismic surveys on the Internet. Meanwhile, Lasmo has taken out a US$ 10mn insurance policy against a fall in the price of oil below US$ 18 per barrel. The cost is the equivalent of US$ 0.27 per barrel, and will allow Lasmo to plan its US$ 350mn capital expenditure for 2000. Around US$ 65mn will be spent on exploration and appraisal, primarily in Venezuela, Pakistan and Algeria.

Financial management, Eni LASMO PLC

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UK: BP LOOKS TO DEVELOP CLAIR FIELD

Article Abstract:

BP plans to develop the 4bn barrel Clair oil field in the North Sea, with an official announcement expected inside the next few days. A contract to develop the field will be awarded shortly, with four bidders shortlisted, and a submission to allow exploitation will be sent to the UK's Department of Trade & Industry. A 250mn barrel reservoir will be developed initially.

Natural resources, Oil and Gas Field Services, Oil & Gas Field Services, Support Activities for Mining, British Petroleum Company p.l.c

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Notts: a drama of oil-prospecting in the Midlands

Article Abstract:

A Canadian firm headed by John Frey, an experienced oilman, has purchased licences from the UK government for prospecting rights over 130,000 acres of land in the East Midlands. He believes that the area could produce at least 9 million barrels of crude oil, and possibly as many as 28 million barrels.

United States, Canada, Oil and gas exploration services, Oil & Gas Field Exploration Svcs, Support Activities for Oil and Gas Operations, Management, Licensing agreements, Natural resources, Natural gas exploration, Petroleum services industry, Natural gas field exploration services, Oil field exploration services, Oil and gas exploration, Petroleum exploration, Nottinghamshire, England

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